Is a Manager of an LLC a Beneficial Owner?

Question: Homer Simpson is a manager of World Wide Widgets, LLC, but he is not a member. Is Homer a beneficial owner of the LLC?

Answer: Yes because as a manager he can make important decisions on the LLC’s behalf, thereby exercising substantial control over it.

Source: Small Business Compliance Guide pages 26

Richard Keyt2023-10-29T08:46:21-07:00

About the Author: Richard Keyt

Richard Keyt is an Arizona business law attorney who has formed 9,000+ LLCs and 400+ nonprofit corporations. He has 230 five star Google reviews. He is the founder of FinCEN Filer, LLC, and owns and operates https://corporatetransparencyact.net.