5. Can a Syndicate be self-administered (by its members) or does it need an external manager?

Syndicate (and its particular Series or Master LLC) may be managed by its members. This is the default option that is established under Delaware Law and it is called members-managed LLC.

In members-managed LLC decisions are taken by a simple majority – the decision of members owning more than 50% of Series’s interest.

It is also possible to form a manager-managed LLC (or its particular Series). However, in that case, LLC Agreement should clearly state that LLC (or its particular Series) is managed by a manager and establish a procedure for how a manager is chosen (or just designate a manager).

Delaware law also allows to have more than one manager of a Series LLC (or its particular Series).