Will,Mary,and Alice form a limited liability company and do not specify a term.Which of the following is true regarding the term of the limited liability company?
A) The limited liability company is an "at-will" company.
B) The articles of incorporation are invalid, because a term must be specified.
C) The limited liability company has an implied term of ten years, which may not be renewed.
D) The limited liability company has an implied term of ten years, which may be renewed.
E) The limited liability company has an implied term of five years, which may be renewed.
Correct Answer:
Verified
Q110: Bill,Bob,and Susie form a limited liability corporation,and
Q111: The _ of a limited liability company
Q112: In conformity with state law,five accountants formed
Q113: Why,in the absence of an agreement to
Q114: Bart,Dale and Bill form a limited liability
Q116: Why should a person employed by a
Q117: Which of the following is true regarding
Q118: Mona is opening a new business selling
Q119: Sarah,who manages a limited liability company,borrows $500,000
Q120: Tori is interested in developing a new
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents