Corporations & LLCs Flashcards
1
Q
A limited liability company becomes bound with who?
A
With third parties under general principles of agency law
2
Q
Member Managed LLC?
A
An LLC is member managed unless provided otherwise
each member has equal rights in the conduct of company activities so each member has authority to bind the company.
3
Q
LLC withdrawal does what?
A
terminates their rights and duties with respect to company management, but does not create a right to receive payment for their interest or cause the LLC to dissolve.
