1) Able Accounting, LLC, is a limited liability company. With respect to the firms management, Ables members may:

1. participate fully if authorized by the companys operating agreement.
2. participate only if authorized by the companys managers.
3. participate only if they possess special skills related to the business.
4. not participate without risking their limited liability protection.

2) George is a general partner, and Laura and Louis are limited partners, in GLL Associates, a limited partnership. Which of the following statements about Laura and Louis is TRUE:

1. They are equally liable with George for the debts of the company.
2. They have no right to participate in the management of the company.
3. They have the same right as George to participate in the management of the company.
4. They did not necessarily agree to form a limited partnership with George.