Question: 1. Explain the differences between a manager-managed LLC and a member-managed LLC as provided in the default provisions in California with respect to (a) the

1. Explain the differences between a manager-managed LLC and a member-managed LLC as provided in the default provisions in California with respect to (a) the right to manage the ordinary business of the LLC, and (b) the authority of the members and managers to bind the LLC as an agent. [See Corporations Code 17703.01; 17704.07]

2. Compare the fiduciary duties of the members of an LLC to the LLC and other members when the LLC is member-managed to the fiduciary duties of the managers and members of an LLC to the LLC and other members in a manager-managed LLC. [See 17704.09]

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