A Limited Liability Company Generally Provides Limited Liability for Those

question 56

True/False

A limited liability company generally provides limited liability for those owners that are not active in the management of the LLC but requires owner-managers of the LLC to have unlimited personal liability for LLC debts.

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Definitions:

Incapacity

The lack of legal ability to perform an act, such as entering into a contract due to mental disability or minority.

Sound Mind and Memory

A legal term indicating that a person is mentally competent to make decisions and understand their consequences.

Holographic

Related to or produced by holography, a photographic technique that records the light scattered from an object and then presents it in a way that appears three-dimensional.

Alzheimer's

A progressive neurodegenerative disorder characterized by cognitive decline and memory loss, often leading to dementia.