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Compliance with state statutes

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Reference no: EM131086226

Assume the football team is set up as a general limited liability company (LLC) and that Lenny, Sarah, and Sam are the owners of the LLC and it is a member-managed firm. Which of the following is incorrect?

  1. The profits from the team would pass through to the partners unless the LLC chooses to be taxed as a corporation.
  2. If any of the members were to act in the management of the team, they would lose their limited liability.
  3. Distribution of the profit among the partners is set by statute.
  4. The company must be formed through compliance with state statutes.

Reference no: EM131086226

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