A Limited Liability Company Can Be Formed Without Any Type

question 24

True/False

A limited liability company can be formed without any type of formal agreement.

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Definitions:

Risk Insulation

Strategies or practices employed to protect an entity from potential financial losses or liabilities.

Risk Management

The transfer and distribution of risk.

Transfer and Distribution

The process of moving goods from one location to another and allocating them among parties or points of sale.

Antilapse Clause

A provision in a will or estate plan that specifies what happens to a gift if the beneficiary predeceases the donor, often allowing the gift to pass to the beneficiary's heirs.