An LLC Member Has No Individual Liability on LLC Contracts,unless

question 34

True/False

An LLC member has no individual liability on LLC contracts,unless he/she also signs LLC contracts in his/her personal capacity.

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Definitions:

Note Receivable

A financial asset representing a written promise for a debtor to pay a specified sum of money to the creditor on a determined future date or on demand.

Dishonored Note

A promissory note that has not been paid by the issuer at the time of its due date.

Fully Paid

Fully Paid denotes a status where all required payments for a service or product have been completed, with no outstanding amounts due.

Allowance Account

An accounting provision used to create a reserve for accounts receivable that may not be collected in full.