Which of the following is correct concerning a limited liability company?

A) It has limited ability to buy,hold,and sell property.
B) Typically,an LLC is a tax shelter for big corporations.
C) It is mandatory to have an operating agreement.
D) Members who manage an LLC are fiduciaries of the LLC.

Operating Agreement

An arrangement among LLC's members concerning its business operations and members' financial and managerial rights and duties.

Fiduciaries

Individuals or entities entrusted to manage assets or wealth on behalf of another party while prioritizing the beneficiary's interests over their own.

LLC

A Limited Liability Company, a flexible form of enterprise that blends elements of partnership and corporate structures.