Asked by Jillian Hearne on May 10, 2024
Verified
After all the LLC assets have been sold,the proceeds will be distributed first to the partners.
LLC Assets
Properties, financial assets, and physical items owned by a Limited Liability Company that are used for the business's operations.
- Understand the process and priorities in debt and asset distribution following the dissolution of an LLC.
Verified Answer
RD
Reagan DeweyMay 14, 2024
Final Answer :
False
Explanation :
After all the LLC assets have been sold,the proceeds will be distributed first to LLC creditors,including members who are creditors.
Learning Objectives
- Understand the process and priorities in debt and asset distribution following the dissolution of an LLC.