An LLC, which is a limited liability company, is a business organization which is owned by its members. The LLC structure is similar to any other corporation's structure. However, the LLC offers a wide range of flexibility in how the LLC business is conducted and there is no one singular method of doing so. Consequently, the LLC members may be directly involved in the management of the business, or they may appoint managers to handle the day to day affairs of the LLC's business. Alternatively, LLC members may divide the management tasks among themselves. The members of the LLC are entitled to appoint themselves or others as the officers of the LLC; thus, the president, vice president, secretary or treasurer may be a member of the LLC. An LLC may also be established and managed by just one individual who serves in all functions. In addition, the LLC can establish when meetings will be held and how the notice of the meeting is to be given. If the LLC desires, the LLC can waive the notice of the meeting.