Carlos is a member of an LLC along with three others. After one year, despite their best efforts, the business closes and the bank that extended them a loan sues for repayment. The bank may:1. sue the LLC but may not sue Carlos. sue Carlos only if he is a managing member.
2. sue Carlos for the entire amount because Carlos is jointly and severally liable for the loss.
3. sue the LLC but may not sue Carlos
4. sue Carlos for only 25% their loss under rules pertaining to LLCs.
Answers (1)
Know the Answer?
Not Sure About the Answer?
Find an answer to your question 👍 “Carlos is a member of an LLC along with three others. After one year, despite their best efforts, the business closes and the bank that ...” in 📗 Business if the answers seem to be not correct or there’s no answer. Try a smart search to find answers to similar questions.
Search for Other Answers
You Might be Interested in
The sum total of all microbes in a certain environment is called a
Answers (1)
A developer advertises homes for sale with a total down payment of $2,000. A qualified buyer offers to pay the $2,000 down, but the developer states that the $2,000 down homes are all sold. Is this transaction covered under Truth in Lending Act
Answers (1)
The corporate charter of Alpaca Co. authorized the issuance of 10 million, $1 par common shares. During 2018, its first year of operations, Alpaca had the following transactions: January 1 sold 8 million shares at $15 per share June 3 retired 2
Answers (1)
What is generally true concerning family income and happiness? a. There is a huge difference in happiness between those who have family incomes of $70,000 and those who make more than $100,000 a year. b.
Answers (2)
Suppose you purchase one WFM May 100 call contract at $5 and write one WFM May 105 call contract at $2. The maximum loss you could suffer from your strategy is Select one: a.$200. b.$300. c. zero. d.$500.
Answers (1)
New Questions in Business
The following information was available to the accountant of Scarlet Co. when preparing the monthly bank reconciliation: Cash balance per bank statement $ 1,115 Cash balance per books (prior to reconciliation) 842 Outstanding check #643 642
Answers (1)
Your business plan is a
Answers (1)
Coupons and sales are frequently used marketing tactics for which form of competition?
Answers (1)
Which term best describes an opening at least 30 inches high and 18 inches wide in any wall or partition through which persons may fall? A. Floor opening B. Portable ladder C. Wall opening D. Fixed industrial stairs
Answers (1)
What should a supervisor do when employee behavior does not automatically produce feedback? train the employee to monitor his/her own behavior and provide self feedback modify the task so that feedback is automatic provide systematic observation
Answers (1)