When a member of a limited liability company guarantees payment of a loan to the firm, the member is personally liable for the obligation.a. Trueb. False

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05-12-2022
Business

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When a member of a limited liability company guarantees payment of a loan to the firm, the member is personally liable for the obligation.a. Trueb. False

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KanakKhatanaidn KanakKhatanaidn · Answer 1 · 2022-12-08T07:49:21-05:00

When a member of a limited liability company guarantees payment of a loan to the firm, the member is personally liable for the obligation. The following statement is true.

What is limited liability Short answer?

Limited liability refers to the circumstance in which a business firm's owners (shareholders) liability for losses is restricted to the amount of capital they have invested in the company and does not include any personal assets.

A limited liability corporation member who personally guarantees repayment of a loan to the business is held accountable for the debt. A limited liability company member who commits fraud on the company's behalf is unlikely to face personal culpability.

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What is limited liability Short answer?

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