Debt of a Limited Liability Company Is Allocated Among LLC

question 247

True/False

Debt of a limited liability company is allocated among LLC members using the nonrecourse debt allocation rules unless an LLC member has personally guaranteed the debt.

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Definitions:

Sims' Position

A body posture for patients during examinations or treatments, lying on their left side with the right knee bent toward the chest.

Abdominal Paracentesis

A medical procedure involving the needle extraction of fluid from the abdominal cavity.

Cirrhosis

A chronic liver disease marked by degeneration of liver tissue, fibrosis, and functional impairment, often due to alcohol abuse or viral hepatitis.

Ascites

The accumulation of fluid in the peritoneal cavity, causing abdominal swelling, often due to liver disease or cancer.