Examlex
A ________ is a business formed between two or more individuals directly.
Liability
The legal responsibility for one's actions or omissions, which may involve an obligation to pay damages or perform a specific duty.
Operating Agreement
A legal document that outlines the governing structure and operating guidelines of an LLC including the rights and responsibilities of its members.
Dissolution
The process of formally closing or ending a legal entity, such as a corporation or partnership.
Limited Liability Company
An entity where owners are not personally liable for company debts, offering flexibility in management and benefits of pass-through taxation.
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