b'Limited PartnerIn the real estate context, this is the name applied to passive investors in a limited partnership managed by a general partner (asset manager).Manager-Managed Limited Liability CompanyA manager-managed limited liability company mirrors the structure of a limited partnership, where the manager has the same role as a general partner, and the members have the same role as the limited partners. The investors are passive investors, although some portion of the membership interests (i.e., Class B ) may be reserved for management. The manager of a manager-managed limited liability company usually earns certain fees and a share of profits for its role as the asset manager of the company.Member-Managed Limited Liability CompanyThis is the structure typically used for joint ventures; every member is considered by law to be a managing member. Where members make cash investments, every investor must be actively involved in generating their ownprofitswhichmeanstheymusthavemorethanjustarightto participate in voting; they need an actual role in management, thus, this is not the structure to use if one or more of the members desires to earn an extra share of profits or fees for managing the company. Managing MembersThe members of a member-managed limited liability company.304'