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Answer the following questions regarding LLCs. 1. How is an LLC organized? 2. What kind of liability for the debts of the LLC do the

Answer the following questions regarding LLCs.

1. How is an LLC organized?

2. What kind of liability for the debts of the LLC do the members of an LLC have?

Explain. 3. Compare the management of a member-managed LLC and a manager managed LLC?

4. When do members and managers owe a fiduciary duty of loyalty and care to an LLC?

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