The fundamental terms of an LLC’s ownership, operation and management are set forth in its LLC Operating Agreement. Members possess near-total freedom to define the relationship among the members and the terms governing the operation of the entity. In an LLC, the members are free to organize the LLC in whatever manner they choose. In fact, an LLC has the potential to preserve ownership for future decades. A Delaware LLC can be very flexible when it comes to preserving ownership in the family business you've worked so hard to create.
