Rhode Island Uniform Bar Examination (RI UBE)

A limited liability company (LLC) member's interest in the LLC is best described as:

Direct ownership of the LLC's assets A personal property interest consisting of a share of profits and losses and a right to receive distributions An equity security regulated under federal securities law A partnership interest subject to all Uniform Partnership Act provisions

Correct Answer:

A personal property interest consisting of a share of profits and losses and a right to receive distributions

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