MN Bar Practice Questions - Minnesota Bar Examination Exam

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

Member-managed, with each member having authority to act for the LLC, unless the agreement provides for manager management By a board of directors elected by members By the member with the largest capital contribution alone By a court-appointed receiver

Correct Answer:

Member-managed, with each member having authority to act for the LLC, unless the agreement provides for manager management

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