Question: An operating agreement is a document that states the terms for converting an existing business to a limited liability company (LLC). A. True B. False

An operating agreement is a document that states the terms for converting an existing business to a limited liability company (LLC).

A.

True

B.

False

In a manager-managed limited liability company (LLC), amending the articles of organization cannot be delegated to the managers.

A.

True

B.

False

The business judgment rule protects shareholders for honest mistakes of judgment.

A.

True

B.

False

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