If a Dispute Arises and the Applicable Limited Liability Company

question 14

True/False

If a dispute arises and the applicable limited liability company statute does not cover the issue, a court will most likely dismiss the case.​

---

Definitions:

Liquidating

The process of converting assets into cash, often referring to the sale of assets during the winding down or closure of a business.

Noncash Assets

Assets that are not in the form of cash or easily convertible into cash, such as real estate, equipment, and patents.

Capital Deficiency

A situation where a company's liabilities exceed its assets, indicating financial distress.

Income Ratio

A financial metric that compares different types of income to a common base, such as net income to sales, to evaluate financial performance.