In Many States,an Operating Agreement Is Not Required for a Limited

question 9

True/False

In many states,an operating agreement is not required for a limited liability company to exist.

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Definitions:

Identifiable Asset

An asset that can be separated and sold, transferred, or licensed, and has a clear value or benefit to the business.

Amortize

The process of slowly paying off a debt through regular payments over a set period of time.

Infinite Life

A concept in accounting and finance where an asset is considered to have an unlimited useful life and therefore is not depreciated or amortized.

Acquisition Date

The specific date on which control of an asset or business is transferred to the acquirer, marking the point from which the acquisition is included in the acquirer's financial statements.