A Member of a Member-Managed Limited Liability Company and a Manager

question 36

True/False

A member of a member-managed limited liability company and a manager of a manager-managed LLC owe a fiduciary duty of care to the LLC not to engage in a known violation of law,intentional conduct,reckless conduct,or grossly negligent conduct that injures the LLC.

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Definitions:

Pluralist Model

A system of political power in which a wide variety of individuals and groups have equal access to resources and the mechanisms of power.

Political Parties

Organized groups of people with similar political aims and opinions, seeking to influence public policy by gaining power through elections.

Corporations

Legal entities that are separate and distinct from their owners, created to conduct business, own assets, and incur liabilities.

Educational Concerns

Issues related to the structure, quality, accessibility, and policies of educational systems and institutions.