In a Limited Liability Company, All Members Are Protected from All

question 207

True/False

In a limited liability company, all members are protected from all debts of the partnership unless they personally guaranteed the debt.

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Definitions:

Parallel Shift

Parallel shift is a concept in economics where a graph, such as a demand or supply curve, shifts left or right without changing its slope, indicating a uniform change in demand or supply.

Budget Line

A line that shows the different combinations of two products a consumer can purchase with a specific money income, given the products’ prices.

Consumer's Level

Refers to the consumption patterns, preferences, and purchasing power of individuals or households within an economy.

Budget Line

A graphical depiction of all possible combinations of goods a consumer can afford with a given budget, at fixed prices.