Do I member-manage, or manager-manage if I am acquiring an existing business?

First off, if you are forming an LLC in Oregon, be sure to get that entity registered as a foreign LLC in the state where the business is located. The main function of an LLC is to create a separate business entity under which you keep all of the business assets and debts. If you were to run the business in your own name as a sole proprietor, and if the business incurred a large debt (like a personal injury judgment for a customer who got injured on the premises), all of your personal assets including the business could be attached to pay the debt. With an LLC or a corporation, only the business assets can be attached for a business liability. Also, be sure and consult with tax accountant to make sure you are organizing the LLC's books to properly track all tax-related factors like payroll, depreciation, reserve funds and so forth.