A Limited Liability Company Is a Citizen Only of the State

question 66

True/False

A limited liability company is a citizen only of the state in which it was formed.

---

Definitions:

Post-audit

The evaluation process conducted after a project's completion to assess its actual performance against planned objectives and costs.

Accounting Rate of Return

A financial metric that measures the return on investment expected from a project or asset, calculated as the average annual profit divided by the initial investment cost.

Simple Rate of Return

A calculation that estimates the profitability of an investment, without factoring in the time value of money or cash flows over time.

Unadjusted Rate

A rate or measure that has not been modified to account for factors or variables that could affect its interpretation or accuracy.