In General,an Illegal Contract Is Void

question 25

True/False

In general,an illegal contract is void.

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Definitions:

Transferable Interest

The portion of a member's ownership in an LLC or partnership that can be transferred or sold.

Partnership Account

A financial account held in the name of a partnership for the purpose of managing the partnership's funds.

Partnership

A business entity created when two or more persons collaborate to operate a business and share its profits, losses, and responsibilities.

Transferable Interest

An ownership interest in an entity that can be transferred or sold to another party, subject to any restrictions in the entity's governing documents.