1. A limited liability company does not need to procure insurance to protect its assets since its members enjoy limited liability. True/False 2. An LLC must have an operating agreement. True/False 3. The winding up process for an LLC is similar to that of a partnership. True/False 4. Which of the following is a legal entity separate from its owners? a. Limited partnership b. LLP c. LLC d. All of the answers are correct. 5 The owners of a limited liability company are known as which of the following? a. Partners b. Members c. Stockholders d. Shareholders 6. LLC's are formed and operated in compliance with state law. True/False 7. The articles of organization for an LLC must include which of the following? a. The name and address of the registered agent. b. The name(s) of the business manager(s). cThe name of the business d. All of the above. 8. Which of the following is least likely to dissolve an LLC? a. Expiration of a certain time period specified in the operating agreement. b. Judicial determination of the equitability of liquidation. c. Dissociation by any member. d. Death of a member as outlined in the articles of organization. 9. The business name of an LLC must include the words "Limited Liability Company" or LI C" True/False 0. An LLC with only one member can choose to be taxed as either a partnership or a corporation. rue/False