In a Manager-Managed LLC,the Managers Must Be Members of the LLC

question 19

True/False

In a manager-managed LLC,the managers must be members of the LLC.

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Definitions:

Itemized Deductions

Specific expenses allowed by the IRS that taxpayers can subtract from their adjusted gross income to reduce taxable income.

Escrow Account

A financial account held by a third party on behalf of the two main parties in a transaction, often used to safely hold funds until the completion of contractual obligations.

Charitable Contribution

Financial or material donations made to qualified organizations, which may be deductible from taxable income if itemizing deductions.

Adjusted Gross Income

An individual's total gross income minus specific deductions, used as the basis for calculating taxable income on federal tax returns.