LLC Statutes All Require the Articles of Organization

question 26

Multiple Choice

LLC statutes all require the articles of organization:

• A) to include whether the LLC will be managed by managers who may, but need not be, members.
• B) to be in writing and filed with the state.
• C) to include in the name of the business the designation "limited liability company" or "LLC."
• D) to include the name of the firm and the address of the principal place of business or registered office.
• E) All of these.

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Definitions:

Escalation Of Commitment

A decision-making process where individuals or groups continue to invest in a decision despite new evidence suggesting it might be wrong.

Sunk Costs

Expenses that have already been incurred and cannot be recovered, which should not affect future decision-making but often do.

External Review

An evaluation or assessment conducted by individuals or entities outside of an organization to ensure objectivity and impartiality, often focusing on processes, products, or financial health.

Framing Bias

A cognitive bias where people react differently to a particular choice depending on how it is presented, such as a loss or gain.