What term refers to an LLC where all members participate in management and decisions?

The term that refers to an LLC where all members participate in management and decisions is indeed identified as a member-managed LLC. In this structure, every member has the authority to be involved in the day-to-day operations and decision-making processes of the company. This governance model is beneficial for smaller businesses or those where all members wish to take an active role.

In contrast, a manager-managed LLC, while allowing certain members or designated managers to handle management duties, excludes other members from having direct involvement unless they are also managers. The options of private LLC and public LLC generally refer to the nature of ownership and how they are funded or traded rather than their management structure. Therefore, the member-managed LLC is the correct term for an entity where all members take part in management and decision-making.