re: #40 goddamnedfrank

He could have sat on any number of Boards of the Bain companies, not necessarily Bain itself.

As for Bain itself:

An LLC’s Articles of Organization ask to designate between one of two types of management structures. An LLC can either be Manager-managed, or Member-managed. If an LLC is Manager-managed, the power and authority of the company’s management lies within its Board of Managers, which is similar to the Board of Directors of a Corporation. If an LLC is Member-managed, there is no Board of Managers, and the LLC is directly managed by its Members (the owners).

I don’t know what their structure was.

Either type of management (Members or Board of Managers) can delegate power and authority to the company’s officers. If the management does delegate authority, it will retain the responsibility to oversee the affairs and activities of the company.