Managers of an LLC Have the Same Fiduciary Duties to the Entity

question 42

True/False

Managers of an LLC have the same fiduciary duties to the entity as corporate officers have to a corporation.

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Definitions:

Norms

The unwritten rules or standards of behavior considered acceptable within a society or social group.

Consumerism

The social and economic order that encourages the acquisition of goods and services in ever-increasing amounts.

Adapt Environment

The process by which individuals or groups adjust to changes in their surrounding environmental conditions to improve compatibility and comfort.

Create Culture

The process of cultivating shared values, beliefs, norms, and practices that define a group or organization.