QUESTION 22

1. Limited Liability Entities: Indicate whether each statement is true (T) or false (F).

   - 1. 2.	The owners of a limited liability company (LLC) are known as members.
   - 1. 2.	An LLC must have at least two members.
   - 1. 2.	An LLC must be managed by one or more of its members.
   - 1. 2.	All LLC members of an LLC must be U.S. citizens.
   - 1. 2.	Trusts cannot be members of an LLC.
   - 1. 2.	An LLC may operate only in the state in which it is organized.
   - 1. 2.	Since an LLC is an American legal entity, it cannot conduct operations outside of the United States.
   - 1. 2.	In general, unless restricted by state law, an LLC can conduct any lawful activity.
   - 1. 2.	An LLC may engage only in state-regulated professional activities (such as accounting, law, and medicine).