Managers of LLCs Are Not Personally Liable for the Debts

question 35

True/False

Managers of LLCs are not personally liable for the debts, obligations, and liabilities of the LLC they manage.

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Definitions:

Pharmaceutical Company

A business involved in the research, development, production, and marketing of medications and drugs for the diagnosis, treatment, or prevention of disease.

Commission

A fee paid for services, typically a percentage of the total cost.

Duty of Performance

The duty of performance is an obligation in a contract that requires a party to fulfill the terms as agreed.

Reasonable Skill

The level of competence that a professional is expected to perform in a specific task, based on common standards in the field.