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How is liability determined for members of limited liability

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Reference no: EM132943393

Problem 1: How is the liability determined for members of a limited liability company, absent a member's significant contribution to any tortious conduct?

a. Limited to the amount of the member's investment

b. Limited by uniform limited liability company act

c. Limited to the extent of the applicable law

d. Limited to set a percentage by the number of members

Problem 2: Which type of law primarily governs limited liability companies?

a. Common law

b. State law

c. Both state and federal law

d. Federal law

Problem 3: When winding up a limited liability company (llc) who would be paid first from the sales proceeds?

a. Members for their equal shares

b. Members who are creditors of the llc

c. Members of their capital contributions

d. Member in accordance with the operating agreement

Reference no: EM132943393

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