Question: 1 One of the advantages of the LLC is that

1. One of the advantages of the LLC is that its members enjoy limited personal liability for the company’s obligations. In view of this fact, does the possibility that a court may hold an LLC member personally liable for the LLC’s debts reduce the utility of the LLC form of business organization? Explain.
2 .What does “jointly and solidarily” (jointly and severally) mean in terms of liability? Would ORX prefer that Washauer and MBW be held personally liable jointly and severally or that Washauer alone be held personally liable? Explain.
3. How might members of LLCs avoid the liability to which Washauer was subject in this case?
4. MBW appears to have been a one-member LLC. If the firm had had more members, how might that have affected the result in this case?

Sale on SolutionInn
  • CreatedJune 18, 2014
  • Files Included
Post your question