You are an expert in the field of advanced laser technology. You believe there is a profitable, though risky, commercial market opportunity for a new and more effective photonic crystal laser. The investment could result in a financial success, but could also result in no new innovations even after significant research costs. It requires a number of experts to coordinate in order to develop the new technology. You invite eleven people that have never worked together to develop the new technology. You want to form a limited liability company in order to protect the interests of all participants. Required:
Evaluate the possible management structures and key terms of any operating agreement that should be considered in order to form an LLC.