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With regard to liability, the Revised Uniform Limited Liability Company Act:

A. does not permit members or managers of an LLC to avoid personal liability under any circumstances.

B. does not allow managers but does allow other members of an LLC to avoid personal liability if they have acted in bad faith.

C. allows managers but not other members of an LLC to avoid personal liability if they have acted in bad faith.

D. does not allow managers and other members of an LLC to avoid personal liability if they have acted in bad faith.



Answer :

GinnyAnswer

Final answer:

Limited liability shields personal assets of business owners from debts and liabilities, prevalent in corporations. Vicarious liability may attribute the actions of employees to a corporation, holding it accountable.


Explanation:

Limited liability in the context of businesses refers to the protection of personal assets of owners from business debts or liabilities. For example, in a corporation, shareholders are not personally liable beyond their investment in the company.

In contrast, a sole proprietorship or partnership does not provide limited liability, exposing owners to personal asset loss in case of business debts or legal issues. The concept of vicarious liability may hold a corporation accountable for the actions of its employees or agents.


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