If a limited liability company elects to be member-managed:
A) the governance in the company is like a general partnership.
B) the power to bind the LLC attaches to the managers.
C) the governance in the company is more like a corporation.
D) the owners will elect officers to run the company. If the owners of the LLC decide to function more like a partnership, then they elect to be member-managed, which means that the owners themselves will manage the day-to-day operation of the LLC. If the owners decide to function more like a corporation, then they elect to be manager-managed, which means that the owners will elect officers to run the LLC.
Correct Answer:
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