A Limited Liability Company Must Be Managed by Nonmembers

question 35

True/False

A limited liability company must be managed by nonmembers.

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Definitions:

Assignee

An individual or entity to whom rights or interests are transferred by another.

Antiassignment Clause

A provision in a contract that prohibits the transfer of rights or delegation of duties to another party without the original party's approval.

Oral Assignments

Assignments or transfers of rights or property carried out verbally rather than in writing, although their enforceability may be limited.

Statute of Frauds

A legal requirement that certain types of contracts be executed in writing and signed by the party to be charged, in order to be enforceable.