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KellyV2012
KellyV2012, Bachelor's Degree
Category: Business and Finance Homework
Satisfied Customers: 308
Experience:  Business Administration Option is Accounting and Finance
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If an LLC fails to follow formalities such as keeping minutes

Customer Question

If an LLC fails to follow formalities such as keeping minutes of meetings, which of the following is true?

A. Only the managers of a manager-managed LLC will lose limited liability.
B. All members will lose their limited liability.
C. This failure will not result in imposing personal liability on any member.
D. Only the parties responsible for the failure will lose limited liability.
Submitted: 5 years ago.
Category: Business and Finance Homework
Expert:  KellyV2012 replied 5 years ago.
HI,

The answer is C. This failure will not result in imposing personal liability on any member.

Thanks,
Expert:  KellyV2012 replied 5 years ago.
Hi,

I'm sorry. I find the choice B to be more accurate.
B. All members will lose their limited liability.

Again, I apologize...