Managing partner defined

Updated: July 22, Published: October 10, An LLC is a business structure that is legally distinct from the owner or owners of the business. This makes it different from other structures like a sole proprietorship — a business structure with one owner who is not legally distinct from his or her business most freelancers fall into this category.

Managing partner vs ceo

The owners of an LLC are called members, and they can be individuals or businesses. A member-managed LLC is run by one or more of its members. Alternatively a nonmember manager can be hired to oversee the business. This arrangement is called a manager-managed LLC. The members of an LLC are sometimes referred to as partners. The managing partner is someone who is a member and a manager of the business.

They are responsible for day-to-day operations and implementing long-term strategies. Mark Donnolo is the managing partner of business consultancy SalesGlobe.

Managing partner vs managing director

The company is an LLC with a handful of partners who are all involved in the business, but Donnolo takes the lead. Sometimes a business will have more than one managing partner. Hellowell and Palmer are both managing partners, and they share decision-making and management responsibilities equally between them.