Generally, a Dissociated Member of a Limited Liability Company (LLC)

question 39

True/False

Generally, a dissociated member of a limited liability company (LLC) has the right to buy his or her interest in the LLC from the other members.​

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Definitions:

Gain

The increase in value of an asset or decrease in liabilities resulting in an increase in owners' equity, except those relating to contributions from owners.

Fully Depreciated

The status of an asset whose entire cost has been expensed and has reached the end of its useful life according to accounting standards.

Gain on Disposal

The financial profit obtained from the sale of a fixed asset when the sale price exceeds the book value of the asset.

Loss on Disposal

This reflects the financial loss incurred when an asset is sold or disposed of for less than its recorded book value.