An LLC May Be Formed Without Filing Formal Articles of Organization

question 38

True/False

An LLC may be formed without filing formal articles of organization with the secretary of state.

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Definitions:

Accounts Payable

Short-term liabilities representing amounts owed by a business to suppliers or creditors for goods and services received.

Cost of Goods Sold

The immediate expenses related to manufacturing the products a company sells, such as materials and labor.

Inventory

A company's stock of goods or materials, held for sale or production.

Legal Purposes

The reasons or objectives that are recognized or considered by the law.