Asked by Julia Ellinghaus on Jun 01, 2024
Verified
Who is liable for the acts of the managers of the LLC?
A) Only the LLC itself
B) The organizers of the LLC
C) The members of the LLC
D) The incorporators of the LLC
Managers of the LLC
Individuals or entities appointed or elected to manage the operations of a Limited Liability Company in accordance with its operating agreement.
LLC
A Limited Liability Company is a business structure that combines the pass-through taxation of a partnership or sole proprietorship with the limited liability of a corporation.
Members
Members typically refer to individuals or entities that belong to a group, organization, or body, holding certain rights and responsibilities within that organization.
- Differentiate between the duties and privileges of LLC members and managers, encompassing their fiduciary duties.
Verified Answer
Learning Objectives
- Differentiate between the duties and privileges of LLC members and managers, encompassing their fiduciary duties.
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