The operating agreement must determine if the LLC is a member-managed LLC or a manager-managed LLC so that third parties can
A) Determine what the tax consequences each member will face at the end of the fiscal year.
B) Determine the financial stability of the LLC.
C) Determine who has the authority to make day to day decisions that bind the LLC.
D) Determine who has unlimited liability.
Correct Answer:
Verified
Q19: Similar to the board of directors in
Q20: In an operating agreement, should one of
Q21: ABC LLC's operating agreement is silent on
Q22: The type of LLC that is similar
Q23: Fred, Mike, Reid and Connor create Double
Q25: Cyndy, Shelby, Kennedy and Kristin formed Double
Q26: The RULLCA changes the term managing member
Q27: In AK-Feel, LLC v. NHAOCG, the court
Q28: LLCs members have
A) Unlimited liability
B) Limited liability
C)
Q29: Limited liability means that
A) The LLC's liability
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