Asked by Angela Fuquay on May 19, 2024
Verified
A limited liability company is an aggregate of its members, not a separate legal entity.
Aggregate
A total or sum made from individual parts.
Legal Entity
An organization or structure that is recognized by law as having rights and responsibilities, such as entering into contracts, owning property, and being subject to litigation.
Limited Liability Company
A business structure that offers personal asset protection to its owners while allowing various tax benefits.
- Gain insight into the basic conditions necessary to create a limited liability company (LLC).
Verified Answer
CM
Carlos MoranMay 25, 2024
Final Answer :
False
Explanation :
A limited liability company (LLC) is considered a separate legal entity from its members, meaning it can own property, incur debts, and enter into contracts independently of its owners.
Learning Objectives
- Gain insight into the basic conditions necessary to create a limited liability company (LLC).