A Member of a Manager-Managed LLC Who Is Not a Manager

question 59

True/False

A member of a manager-managed LLC who is not a manager owes no fiduciary duty of loyalty or care to the LLC or its other members.

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Definitions:

Selling Price

The amount of money for which a product or service is sold to the customer.

Fixed Costs

Costs that do not change with the level of production or sales volume, such as rent or salaries.

Widgets

A generic term often used to refer to a fictional or unspecified product or gadget.

Nonunion Firms

Companies or organizations where the workforce is not represented by a labor union, often resulting in different working conditions compared to unionized settings.