The Partners’ General Meeting (“GM”) is the principal governing body of a Limited Liability Company (“LLC”) and is comprised by the Partners of the Company in the form established in the Bylaws.
Division of Duties: As a sole administration entity, the GM handles the most important administration decisions of the Company. It must appoint a Manager or a Board of Directors (“BoD”) (if provided in the Bylaws) for the task of handling the day-to-day business of the Company and it acts as an overseer of the actions of such management.
[...]
The GM must be held at least once a year in order to: (i) approve the financial statements; (ii) distribute dividends; (iii) appoint or remove the management; (iv) approve amendments to its Bylaws, and any other change in its corporate charter; (v) make determinations regarding the dissolution of the Company; and (vi) any other matters that may be necessary.
Composition: The GM is composed by the Partners of the LLC, who must be at least 2 Partners. There is no limit on the amount of participation Shares that each Partner may have. The GM must have at least one mandatory meeting each year.
Appointment/Dismissal Competence: N/A.
Alternates: N/A.
NB! The processes for appointment and dismissal to the General Meeting are not described in more detail at the LCB site.