An Operating Agreement Is Required for a Limited Liability Company

question 42

True/False

An operating agreement is required for a limited liability company to exist, and it must be in writing.

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Definitions:

Expatriate Managers

Managers who are working in a country other than their native country, typically on a temporary but sometimes on a long-term basis.

Collectivistic Managers

Leaders who prioritize group goals over individual achievements and foster a sense of community and teamwork.

Harmoniously

In a manner that is marked by consensus, accord, or cooperative interaction among parties or elements.

Collectivism

An ideology or social outlook that emphasizes the importance of groups and the collective over individual actions and identity.