In a Limited Liability Company, All Members Are Protected from All

question 207

True/False

In a limited liability company, all members are protected from all debts of the partnership unless they personally guaranteed the debt.

---

Definitions:

Worksheet

An informal accounting document used inside an organization, facilitating the preparation of financial statements and supporting the adjustment process at the end of an accounting period.

Income Statement

A financial statement that shows a company's revenues and expenses over a specific period, culminating in net income.

Closing Entries

Journal entries made at the end of an accounting period to transfer the balances of temporary accounts to permanent accounts, thereby resetting the temporary accounts for the new period.