What Is the Major Way in Which the Roles and Obligations

question 67

Multiple Choice

What is the major way in which the roles and obligations of the owners of a limited liability company differ from the roles and obligations of limited partners in a limited partnership?

• A) The owners of a limited liability company have personal obligation for debts incurred by the company.
• B) There is no separation between the company and its owners in a limited liability company.
• C) The owners of a limited liability company can withdraw from the company without the company being dissolved.
• D) The owners of a limited liability company can take an active role in running the company.

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Definitions:

Autonomy

The right or condition of self-government, often within a larger organization or nation, allowing for a degree of independence in decision-making processes.

Antebellum Era

A period in the United States history before the Civil War, characterized by tensions over slavery and rapid territorial expansion.