A limited liability company is owned by its members who are not personally liable for the debts of the LLC.

Question

Quizplus · Accepted Answer

This is true, and is one of the main benefits of forming an LLC as opposed to a sole proprietorship or partnership. Limited liability protects the personal assets of the LLC's members from being used to satisfy the company's creditors. This statement accurately describes the concept of limited liability for members of an LLC.

A Limited Liability Company Is Owned by Its Members Who