A Limited Liability Company Is a Citizen of Every State

question 66

True/False

A limited liability company is a citizen of every state of which its members are citizens.

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Definitions:

Winding-Up Stage

The process of concluding a company's business activities, settling debts, and distributing remaining assets to shareholders.

Dissolution

The process of dissolving a company or ending a legal entity's existence.

Partnership Terminated

The disbanding of the partnership agreement between the involved parties, leading to the cessation of the partnership business.

Dissolution

The closing down or termination of a legal entity or agreement, such as a corporation or partnership.