Examlex
Which of the following is a not true about an LLC?
Specific Payee
A person or entity named in a negotiable instrument to whom or to whose order the money is directed to be paid.
Alternative Payees
Parties other than the original recipient designated to receive payments or benefits in specific arrangements.
Payable
Refers to an amount of money that is owed and should be paid, often within a specific period of time.
Instrument
Refers to a legal document formalizing an agreement or right, often used in financial transactions.
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