The debts,obligations,and liabilities of an LLC,whether arising from contracts,torts,or otherwise,are solely those of the LLC.

Name: The debts,obligations,and liabilities of an LLC,whether arising from contracts,torts,or otherwise,are solely those of the LLC.
Brand: Quizplus
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Question

Quizplus · Accepted Answer

This is because LLC stands for Limited Liability Company, meaning that the business's debts and liabilities are limited to the assets and investments held by the company, and not the personal assets of the company's owners or members.

The Debts,obligations,and Liabilities of an LLC,whether Arising from Contracts,torts,or Otherwise,are