IL Bar Practice Questions - Illinois Bar Examination Exam

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An LLC member contributes capital and the operating agreement is silent on management. Under the default rule of most LLC statutes, how is the LLC managed?

By the members in proportion to their interests (member-managed by default) By a board of directors elected annually By a single manager chosen by the state It cannot operate until a manager is appointed by a court

Correct Answer:

By the members in proportion to their interests (member-managed by default)

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