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Jazmyn Thomas
on Nov 28, 2024

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If a member of a limited liability company dissociates from the firm in violation of the operating agreement, the member can be held liable for any loss to the business resulting from the withdrawal.

Dissociates

Refers to the separation or detachment of something from something else, often used in chemistry to describe how molecules split into smaller parts or ions.

Operating Agreement

A contract among members of a Limited Liability Company (LLC) that outlines the business's financial and functional decisions.

Withdrawal

The act of removing oneself from participation in an activity, agreement, or membership.

  • Differentiate between the responsibilities and obligations of members and managers within Limited Liability Companies.
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Stella RossiterNov 29, 2024
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