What does membership in Hedera represent? E.g. coins, equity?

Membership in Hedera Hashgraph, LLC represents pro rata ownership of the limited liability company for the term of membership.  Members become party to the LLC’s operating agreement, which confers ownership and associated rights and responsibilities, including the right to vote on key governance matters.  However, that ownership interest in Hedera Hashgraph, LLC does not represent  traditional equity interests or ownership of hbar coins. As discussed elsewhere, a membership interest in Hedera does not provide its holder with any economic rights to profits or proceeds upon a sale of Hedera Hashgraph, LLC or with any individual ownership of the hbar coins held in Hedera’s treasury account