Which of the following statements is true of a limited liability company (LLC)? To obtain limited liability, the owner must give up his or her right to participate in the management of the LLC. Each member of a limited liability company gets a say in the management of the company. Limited liability of a member is not dependent on the investment he or she makes. Uniform Limited Liability Company Act governs limited liability companies in all states. When a person enters into a limited partnership by contributing dollar20,000 to it, as a limited partner: he or she cannot be held liable for more than dollar10,000. he or she has unlimited personal liability for the debts of the partnership.he or she cannot be held liable for more than dollar20,000. his or her liability is restricted to double the amount of capital invested in the business