Which of the Following Is True of a Limited Liability

question 44

Multiple Choice

Which of the following is true of a limited liability company (LLC) ?

• A) It cannot sue or be sued in its own name.
• B) Investors of an LLC are able to share in management.
• C) Members are personally liable for the wrongful acts of other members.
• D) It cannot have more than 100 members.

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Definitions:

Fee Simple Absolute

The most complete ownership of land or property legally possible, allowing the owner unrestricted rights to use, sell, or bequeath the property.

Fee Simple

The most complete ownership interest one can have in real property, free from conditions and with the right to use it, sell it, or pass it on after death.

Zoning Laws

Regulations governing the use, construction, and location of buildings within specific areas, aimed at ensuring a harmonious urban or rural development.

Fee Simple Absolute

The most complete form of ownership or interest that one can have in real property, without limitations or conditions attached.