Which of the Following Is True of the Management of an LLC

question 21

Multiple Choice

Which of the following is true of the management of an LLC?

• A)Members cannot become managers of an LLC.
• B)A manager-managed LLC shares management powers between members and managers.
• C)A nonmember can become a manager of an LLC.
• D)An LLC can be both member-managed and manager-managed simultaneously.

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Definitions:

Product Service

A term typically referring to the offering or provision of products and services by a business.

Refund Liability

An obligation recorded by a company to reflect anticipated refunds to customers for returned or unsatisfactory products.

Refund Liability

An obligation to return funds received from customers in the event of product returns or dissatisfaction, represented as a liability on the balance sheet.

Deferred Revenue Account

An account on a company's balance sheet that represents payment received from customers for goods or services not yet delivered or completed.