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"Member-managed limited liability company" means a limited liability company that is not a manager-managed limited liability company. 15. Category of membership interests of the limited liability company.(13) "Operating agreement" means the agreement under Section 33-44-103 concerning the relations among the members, managers, and limited liability company. The flexible management structure allows owners to shape the LLC to meet the needs of the business. Members may be individuals, partnerships, corporations, and any other type of legal entity. Taxes: LLCs are subject to a state franchise tax. Notice of resignation with the administrator and with a member or manager of the limited liability company. (i) the record was delivered for filing on behalf of the limited liability company; and. If the management of the L.L.C. changes at a later date (e.g. HTMLPDF25.15.006Definitions.HTMLPDF25.15.011Name of limited liability company.HTMLPDF25.15.