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:

Price Floor

A price floor is a government- or authority-imposed minimum price set above the equilibrium price, preventing the market price from falling below it.

Shortage

A situation where demand for a product or service exceeds its supply in a market.

Surplus

The amount by which the quantity supplied of a good exceeds the quantity demanded at a specific price.

Price Ceiling

A legal maximum price set below the equilibrium price, preventing sellers from charging more than this amount.