I believe an LLC has 2 options: It can either choose to be a manager managed LLC or a member managed LLC.
I am starting a company with my sister who will be the 10% stakeholder with no initial financial commitment and I'll be the one with 90% ownership and whatever initial capital is required. I want the company to be manager managed and I will be the sole manager (CEO and Managing Partner).
In the above described scenario, will our company still be considered a partnership? Second, will there need to be an election to choose myself or do I just put myself in charge? Any other info will be much appreciated.