Fact Pattern 3-B2 (Questions B18-B20 Apply)

question 14

Multiple Choice

Fact Pattern 3-B2 (Questions B18-B20 apply)
Martin files a suit against Nichelle in a state court over payment due on a short-term employment contract.The case proceeds to trial,after which the court renders a verdict.The case is appealed to an appellate court.
-Refer to Fact Pattern 3-B2.After a final determination in the case of Martin v.Nichelle,any judgment will be satisfied

• A)if the losing party pays the judgment.
• B)if the winning party has sufficient assets to cover the amount of damages sought.
• C)if the losing party proves that he or she is unable to pay the judgment.
• D)all of the choices.

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Definitions:

Limited Liability

is a legal structure that limits the financial responsibility of an entity's owners or shareholders to the amount they have invested, protecting personal assets from business debts and obligations.

LLC Member

An individual or entity that owns a portion of a Limited Liability Company and enjoys protection from personal liability for the company's debts and obligations.

Management Decisions

The process of making choices or coming to conclusions on business matters by the management of an organization.

Limited LLC Member

A member of a limited liability company who has invested in the company but does not have a say in the day-to-day management or operations.