Burt has gone to a commercial bank to negotiate a loan for the LLC in which he is a member.He tells the bank that he is authorized to act on behalf of and to bind the company.What is the best way for the bank to verify whether Burt does in fact have the authority he claims?
A) Get him to sign a written statement.
B) Call another member of the LLC for confirmation.
C) Check the articles of organization.
D) Nothing need be done because all LLC members have the right to bind the company, as do general partners.
Correct Answer:
Verified
Q52: The ability to distribute earnings without incurring
Q53: The first LLP legislation was enacted in
A)
Q54: Several people have decided to go into
Q55: Voting rights of LLC principals are governed
Q56: Currently,LLPs are often used to protect family
Q58: Which of the following is not a
Q59: The ability to flow through to the
Q60: With regard to taxation,LLPs are treated as
A)
Q61: Because it is not a taxable entity,an
Q62: In Lieberman v.Wyoming.com,LLC,Lieberman dissociated from the LLC
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