What Does Being a ‘Member’ Mean? When it comes to legal terms, “member” has a fairly broad meaning. It refers to a certain relationship between parties in a contractual agreement. This relationship can be defined by many roles, such as being a partner, shareholder, employee, trustee, or beneficiary. Partner Partners are two or more persons who sign a partnership agreement. That agreement defines the specifics of the partnership, such as how profits and losses will be divided. Partners often work together to grow the business, fund operations, oversee operations, and ultimately claim the profits. Shareholder Shareholders are owners of a company’s stock, which gives them the right to attend and vote on issues at shareholders’ meetings. Shareholders are not personally liable for the company’s debts and they may sell their shares for profit. Employee Employees are individuals who are hired by a company to perform services in exchange for wages or other compensation. Employees often enter into a contract with a company that outlines their rights and duties. Employees are legally entitled to certain benefits and are subject to certain laws and regulations. Trustee Trustees are individuals who are appointed to manage the legal affairs of a trust, such as investments and distributions. Trustees are usually appointed by the person setting up the trust (the grantor) and are responsible for acting in the best interest of the beneficiaries. Beneficiary Beneficiaries are individuals who are entitled to receive assets from a trust or will. Beneficiaries are chosen by the grantor or testator and are typically family members or close friends. Beneficiaries are not involved in the management of the trust or will, but rather are the recipients of the assets. As you can see, being a ‘member’ can take on many meanings in the legal realm. It is important to understand the specific roles of each member in order to ensure that all parties are properly represented and protected.