A Member's Distributional Interest in a Limited Liability Company Is

question 115

True/False

A member's distributional interest in a limited liability company is personal property and may be transferred in whole or in part.

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Definitions:

Fiscal Year

A 12-month period used for financial reporting and budgeting, which may or may not align with the calendar year.

Income Statement

The Income Statement, also known as a profit and loss statement, is a financial report that shows a company's revenues, expenses, and profits or losses over a specific period.

Unearned Fees

Income received by a company for services or goods that have yet to be provided or delivered.

Supplies Expense

The cost incurred from acquiring supplies used in the operation of a business, not directly tied to production.