A Member's Distributional Interest in an LLC Is ________ and May

question 18

Multiple Choice

A member's distributional interest in an LLC is ________ and may be transferred in whole or in part.

• A) a vote
• B) a proxy
• C) personal property
• D) an authority in management

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Definitions:

Adjusting Entry

An entry made in the accounts to adjust revenues or expenses that have been accrued, deferred, or estimated.

Accrued Fees Earned

Revenues that have been earned by providing a service or product, but have not yet been received or invoiced to the client.

Reversing Entry

An accounting entry that is made at the beginning of an accounting period to reverse or cancel out adjusting entries made at the end of the previous accounting period.

Notes Receivable

Written promises for amounts to be received, typically including interest, recorded by the recipient.