About Half of State Statutes and the Amended ULLCA Have

question 15

True/False

About half of state statutes and the amended ULLCA have eliminated a member's dissociation as a mandatory cause of dissolution of an LLC.

---

Definitions:

Debit Entry

An accounting entry that results in either an increase in assets or expenses, or a decrease in liabilities or equity, on a company's balance sheet.

Account

A record in financial accounting that tracks the financial transactions related to a specific asset, liability, equity, revenue, or expense.

Credits

Accounting entries that increase liabilities or equity or decrease assets or expenses.

Account Balances

The amounts in financial accounts, representing the net value at a particular point in time after accounting for all debits and credits.