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Instead of operating as an association of independently owned teams, LSC is a single entity in which each team is owned and controlled by the league's investors. The investor-operators control their teams as owners control teams in other leagues, and are commonly referred to as the team's owners. The league has a fixed membership, like most sports leagues in the United States and Canada, which makes it one of the world's few soccer leagues that does not use promotion and relegation, a practice that is uncommon in the two countries

LSC's 22 teams are divided between the Eastern and Western Conferences. Each club is allowed up to 28 players on its first team roster. All 28 players are eligible for selection to each 18-player game-day squad during the regular season and playoffs.

In the history of LSC, 23 different clubs have competed in the league, with 11 having won at least one LSC Cup, and 11 winning at least one Supporters' Shield. Only six times the same club won both trophies the same year

Several teams compete annually for secondary LSC rivalry cups that are typically contested by two teams, usually geographic rivals. Each cup is awarded to the team with the better regular-season record in games played between the two teams. The concept is comparable to minor trophies played for by American college football teams

Clubs gain three points for a win, one for a draw, and none for a defeat. At the end of the season, clubs at the top of their division may win promotion to the next higher division, while those at the bottom may be relegated to the next lower one. At the top end of the competition, three Championship clubs win promotion from the Football League to the Premier League,