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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: 419 days and 19 hours ago.
Category: Business and Finance Homework
Value: $30
Status: CLOSED
Expert:  KellyV2012 replied 419 days and 18 hours ago.

HI,

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

Thanks,

Expert:  KellyV2012 replied 419 days and 16 hours 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...

 
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