Chris,Miller,and Kacy created a limited liability company by filing the articles of organization,appointing a statutory agent,and paying the appropriate filing fee.They also agreed to run the LLC themselves,making it a member-managed LLC.Chris entered an agreement whereby he purchased 1,000 barrels of oil.Neither Miller nor Kacy believe that Chris paid a good price for the oil.Nevertheless,Chris argues that the LLC is bound by the contract he entered.Is Chris correct? Explain.
Correct Answer:
Verified
View Answer
Unlock this answer now
Get Access to more Verified Answers free of charge
Q39: If Drake,a shareholder of Sweet Corp. ,feels
Q40: A _ refers to the actual document
Q41: To encourage individuals to serve on boards
Q42: Shareholders of Mitas Corp.are concerned that the
Q43: Tye,a director at Big Co. ,suspects wrongdoing
Q45: Jalenos owned voting stock in Altech,Inc.He submitted
Q46: Mannix owned 200 shares of Leo Deliveries,Inc.Leo
Q47: Dave,a manager for Small Co. ,has authority
Q48: Joe sells his stock in Big Co.to
Q49: Sam,a manager at Small Co. ,is confronted
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