Some States Do Not Require a Written Management Agreement Regarding

question 50

True/False

Some states do not require a written management agreement regarding LLCs.

Recognize the characteristics of negligent, strict-liability, and intentional torts.

Understand the principles of assumption of risk and defenses in tort law.

Differentiate between intentional and negligent torts.

Explain the concept of defamation, including defenses and privileges against it.

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Definitions:

GAAP

Generally Accepted Accounting Principles, a set of accounting standards and procedures used in the U.S. to govern financial reporting and ensure consistency.

Accounting Standards

Rules and guidelines used in the preparation and presentation of financial statements to ensure accuracy, completeness, and consistency.

Asset

Anything of value owned by a company.