After All the Assets of an LLC Have Been Sold,the

question 56

Multiple Choice

After all the assets of an LLC have been sold,the proceeds will be distributed first to LLC:

• A)creditors.
• B)founders.
• C)transferees.
• D)dissociated members.

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Definitions:

Writing Requirement

The writing requirement refers to legal stipulations that certain types of contracts or agreements must be in written form to be legally enforceable.

Legal Proceeding

A process by which a legal matter is resolved in a court of law.

Oral Contract

An agreement between parties that is made verbally instead of being documented in writing.

Admission

A statement made in court, under oath, or at some stage during a legal proceeding in which a party against whom charges have been brought admits that an oral contract existed, even though the contract was required to be in writing.