15 Pennsylvania Consolidated Statutes § 8941 - Management

§ 8941. Management.

(a) General rule.--Except as provided in subsection (b), management of the business and affairs of a limited liability company shall be vested in its members.

(b) Managers.--The certificate of organization may provide that management of a company shall be vested, to the extent provided in the certificate of organization, in one or more managers.

(c) Selection and qualifications of managers.--If the certificate of organization provides that management of a company shall be vested in one or more managers, they shall be named in or selected in the manner prescribed by the operating agreement. A manager:

(1) Need not be a member of the company or a natural person.

(2) Shall serve for a term of one year and until his successor has been elected and qualified or until his earlier death, resignation or removal.

(d) Cross reference.--See section 8996(b) (relating to ownership and governance of restricted professional companies).

Cross References. Section 8941 is referred to in section 8903 of this title.

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Last modified: October 8, 2016