Member is the equivalent shareholder in a limited liability company (LLC). Compared to a limited partner of limited liability partnerships (LLP), the members of an LLC share almost the same way to control the business like a general partner, yet only have the limited liability like a limited partner. The member can manage the company through a selected professional team or through the LLC agreement, which is an easier way to run a business and brings more contractual freedom to the member. The investor can contribute their professional services, their cash, or property to earn the membership of an LLC. The joining or quitting member will not bring the risk of dissolution to the LLC.
A member is also any person within an organization with rights and responsibilities.
[Last updated in March of 2022 by the Wex Definitions Team]