In States Where an LLC May Be Organized by Only

question 17

Multiple Choice

In states where an LLC may be organized by only one member, ________ can obtain the benefit of the limited liability shield of an LLC.

• A)corporations
• B)sole proprietors
• C)LLPs
• D)general partnerships

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Definitions:

Glass-Steagall Act

US legislation enacted in 1933 to separate commercial banking from investment banking, aiming to reduce financial market risks.

Underwriting Securities

The process through which investment banks issue new securities to the market, assuming the risk of selling them at a certain price.

Accepting Deposits

A banking activity that involves receiving money from customers for safekeeping or for earning interest, typically in savings or checking accounts.

Systematically Important

Refers to entities or institutions whose failure could trigger a financial crisis, necessitating regulatory oversight to ensure stability.