Question: What does it mean when an LLC is described as a 'single purpose entity' or 'bankruptcy remote entity'? It means the LLC can only engage

What does it mean when an LLC is described as a 'single purpose entity' or 'bankruptcy remote entity'?
It means the LLC can only engage in one type of business activity.
It means that the LLC cannot go bankrupt.
It means that the LLC's financial troubles are isolated and won't extend to its owners.
It means the LLC has maximum flexibility and can mimic other entity types.
What does it mean when an LLC is described as a

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