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Question

Gargamel is the sole member of Smurfs LLC. Like other members of limited

liability companies, Gargamel's liability for Smurfs LLC's debts resembles the liabilities of
a. an owner of a sole proprietorship
b. a shareholder in a corporation
c. a participant in a joint venture
d. a partner in a partnership


Rowdy Roddy Piper and the Macho Man Randy Savage open an antique shop without filing any paperwork with the state. Macho Man Randy Savage's liability is
a. unlimited with respect to debts arising from his own decisions
b. unlimited with respect to all partnership debts
c. limited to the amount of his investment in the business
d. limited by state statute and varies from state to state

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Subject: Business

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