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Source LLC Liability Complete Business Associations List Matched to this deck.

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0 tracked cards Business Associations

An LLC's operating agreement and filed statement identify it as manager-managed. A passive member, who is not a manager, signs a new supplier contract without approval.
Which statement is most accurate?

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In a manager-managed LLC, a member acting solely as a member generally lacks authority to bind the LLC. In a manager-managed LLC, every member automatically has broader authority than any manager. In a manager-managed LLC, managers lack all authority unless each customer consents. In a manager-managed LLC, creditors have authority to approve ordinary contracts.

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