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:

Accumulated Earnings

Profits that a company retains for reinvestment rather than distributing to shareholders as dividends.

Petition

is a formal written request, typically addressed to a court or a government institution, appealing for a particular cause or action.

Injunction

A legal order issued by a court that directs an individual or entity to do or not do a specific action.

Earned Surplus Test

A financial measure used to determine the amount of income that a company has earned and is available for dividends distribution after accounting for all necessary expenses.