There Must Be at Least One Member of a Limited

question 38

True/False

There must be at least one member of a Limited Liability Company who is personally liable for the debts of the business.

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Definitions:

Federal Supremacy

The principle that federal law takes precedence over state law in the United States under the Supremacy Clause of the U.S. Constitution.

Article VI

In the context of the U.S. Constitution, Article VI establishes the Constitution, federal statutes, and U.S. treaties as "the supreme Law of the Land," overriding state laws.

Enumerated Power

Specific powers granted to the federal government by the Constitution.

Interstate Commerce

Economic, commercial, or transportation activities that cross state boundaries or involve more than one state, subject to federal regulation.