Florida division of corporations has a series of acronyms to identify the role in the entity of the persons listed in its website.
When it comes to Limited Liability Companies (LLC), two of the more common acronyms are MGR and MGRM.
MGR stands for Manager and MGRM stands for Manager-Member.
The distinction is very important. An LLC can be member-managed or manager-managed. A member-managed LLC is an LLC managed by the members. A manager-managed LLC is an LLC managed by a manager designated by the members.
But even if the LLC is a small little company with just a couple of employees and little to “manage” the labels are very important.
If next to your name in Sunbiz.org is MGRM, then that means that you are not only a “manager” but also a “member” of the company. Being a member equals being an owner. If you are listing yourself with the additional M, then, you cannot later in other documents negate that you own at a minimum, some small percentage of that LLC.
Similarly, if you are just a MGR (Manager), then no inference can be made that you are also an owner of the entity.
It’s important to note that in Florida, the LLC’s management structure must be specified in the LLC’s operating agreement. This document outlines how the LLC will be managed, including whether it will be manager-managed or member-managed, and who will be responsible for making key business decisions.
For more information about, LLCs or any other type of business matter, contact an experienced business attorney at Ayala or email commercial attorney Eduardo A. Maura at email@example.com or call 305-570-2208.
You can also schedule your case evaluation online at: https://www.lawayala.com/consultation/