5. Which statement below is correct regarding a limited liability company? a. It is very similar to a corporation in tha

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5 Which Statement Below Is Correct Regarding A Limited Liability Company A It Is Very Similar To A Corporation In Tha 1 (38.32 KiB) Viewed 11 times

5. Which statement below is correct regarding a limited liability company? a. It is very similar to a corporation in that only the board of directors can act on behalf of the company. b. It is very similar to a general partnership in that all members can have equal management authority and act on behalf of the company (member managed LLC). The main difference is that LLC members have no personal liability for the LLC's obligations. C. It is very similar to a limited partnership in that some of the members are 'silent' and their roles are as investors only. d. It is very similar to a general partnership in that all members have unlimited personal liability (joint and several). This is a major drawback to using the LLC entity for your business.