Cayman Travel LLC is in debt $100,000. Realizing the LLC is about to go out of business, two of the members withdraw all of the remaining money from the business savings account and distribute it equally to the members. This is an example of
A) Equitable distribution
B) Fiduciary distribution
C) Improper distribution
D) Financial distribution
Correct Answer:
Verified
Q28: LLCs members have
A) Unlimited liability
B) Limited liability
C)
Q29: Limited liability means that
A) The LLC's liability
Q30: Phoenix Bookstore, LLC with four members incurs
Q31: A pledge from LLC members of personal
Q32: Which of the following is a time
Q34: When an LLC is insolvent any distribution
Q35: Pass-through taxation avoids _ that corporations face.
A)
Q36: All of the following statements are true
Q37: Linda, Nancy and Pam started an LLC
Q38: In the case, Kirksey v. Grohmann, because
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