Delaware Franchise Tax Glossary

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Manager	An individual or entity chosen by the Members of an LLC to manage the daily operations of the LLC. A Manager can be, but does not have to be, a Member.
Managing Company	A separate company from the Operating Company that manages the assets of the Operating Company in return for a management fee.
Managing Member	A Member of an LLC that also serves as a Manager of the daily operations.
Member	An owner of an LLC; can be an individual or an entity.
Membership Certificate	Evidence of ownership or Membership Interest in an LLC provided to its Members.
Membership Interest	Ownership in an LLC.
Merger	The act of joining two separate, existing companies into one, surviving company that will conduct business into the future. The non-surviving company disappears.
Minimum Tax	The minimum franchise tax due in Delaware for Corporations is $125 for all Corporations with less than or equal to 5,000 shares, or with less than or equal to $75,000 in Assumed Capital.
Minutes	A record of the actions taken during a meeting of a Corporation’s board of directors or shareholders, normally maintained in the Corporate Record Book.