In Standard Leagues, the person who created the league is referred to as the League Creator. As such they are able to create the league, select the base scoring format, choose the draft type/date and invite owners. Their powers are limited to basic league setup.
In LM Leagues the LM has almost complete control over every aspect of the league for much of the season. They are able to select from a wide variety of options to create a unique fantasy baseball experience. Additionally they have the ability to modify scores, schedules and playoff seeding among other powers.