Asked by
evita luzginov
on Nov 28, 2024
Verified
Like a sole proprietorship or a partnership, the members of a limited liability company have unlimited liability for the firm's debts.
Unlimited Liability
A type of business ownership where the owners are personally responsible for all of the debts of the business, with no limit to this liability.
Limited Liability Company
A business structure in the United States that provides its owners with limited liability while allowing the benefits of pass-through taxation.
- Clarify the distinction in the roles and liabilities between members and managers in Limited Liability Companies.
Verified Answer
LC
Learning Objectives
- Clarify the distinction in the roles and liabilities between members and managers in Limited Liability Companies.
Related questions
If a Member of a Limited Liability Company Dissociates from ...
When the Member of a Limited Liability Company Engages in ...
Unlike a Sole Proprietorship or a Partnership, a Limited Liability ...
The Beneficiaries of a Business Trust Are Personally Liable for ...
Which of the Following Is Considered to Be a Separate ...