Asked by Scarlet Melliz on May 18, 2024
Verified
Grape Vineyards LLC, the members of which include Howie and Ilya, can hold title to property because as a limited liability company the firm is
A) the sum of its members.
B) a non-entity
C) a legal person.
D) a holding company.
Legal Person
An individual or organization that has legal rights and obligations, capable of entering into legal contracts, and can sue or be sued.
Limited Liability Company
A business structure that combines the pass-through taxation of a partnership with the limited liability of a corporation.
Hold Title
The legal right of owning a piece of property, whether it's real estate or a vehicle, indicated by a document called a title.
- Comprehend the essential criteria for establishing a limited liability company (LLC).
- Understand the management of property ownership and conflict resolution within Limited Liability Companies.
Verified Answer
ND
Nissa DegregoryMay 18, 2024
Final Answer :
C
Explanation :
A limited liability company (LLC) is considered a legal person, meaning it can own property, enter into contracts, and conduct business in its own name, separate from its members.
Learning Objectives
- Comprehend the essential criteria for establishing a limited liability company (LLC).
- Understand the management of property ownership and conflict resolution within Limited Liability Companies.