A Member of a Manager-Managed LLC Who Is Not a Manager

question 59

True/False

A member of a manager-managed LLC who is not a manager owes no fiduciary duty of loyalty or care to the LLC or its other members.

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Definitions:

Federal Unemployment Taxes

Federal Unemployment Taxes are levied by the federal government to fund the unemployment benefits and services provided to workers who have lost their jobs.

Payroll Tax Expense

Payroll tax expense is the employer's cost associated with taxes based on employee wages, including Social Security and Medicare taxes.

Payroll Tax

Levies placed on employers and employees, often determined as a fraction of the payroll expenses employers incur for their staff.

Workers' Compensation Insurance

Insurance that provides medical benefits and wage replacement to employees injured in the course of employment.