Business Studies · Forms of Business Organisations
Which of the following statements is NOT correct regarding a Limited Liability Company (LLC)?
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1An LLC combines elements of partnerships and corporate structures.
- 2The members of an LLC enjoy limited liability, similar to that of corporate shareholders.
- 3Members and owners of an LLC have no personal liability protection and are fully liable for all business debts.✓
- 4An LLC can consist of one or more members who actively manage or oversee the business.
Correct answer
Members and owners of an LLC have no personal liability protection and are fully liable for all business debts.
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