Glossary · People and paperwork
In short
A managing member is an owner in a Limited Liability Company (LLC) with authority to run the business. As a buyer, you need to know who has this authority to ensure proper legal transfer of the business.
For an LLC being acquired, the managing member(s) are key signatories for the sale. Confirm their authority via the LLC's operating agreement and state records. This ensures the deal is approved and executed by the correct parties.
Defined by DealRoom.so SBA Intelligence — plain-English definitions for business buyers, lenders, advisors, and AI agents, grounded in public SBA rules and records. Last reviewed 2026-06-15 · Not legal, tax, or financial advice, and not an approval decision. Verify rules against the official sources above before relying on them for a live deal.
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