A Limited Liability Company Can Have Only a Limited Number

question 61

True/False

A limited liability company can have only a limited number of shareholder-members.

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Definitions:

Consequential Damages

Indirect damages that can be recovered if they were reasonably foreseeable at the time the contract was made and result from a party's breach of contract.

UCC

Uniform Commercial Code, a comprehensive set of laws governing commercial transactions in the United States, including sales, leases, negotiable instruments, and secured transactions.

Limitation

A restriction or boundary that defines the scope or extent of something.

Statute of Limitations

A law that sets the maximum period one can wait before filing a lawsuit, depending on the type of case.