Alabama Real Estate Practice Exam

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Prepare for the Alabama Real Estate Exam. Utilize flashcards and multiple-choice questions, each coupled with hints and explanations. Ace your upcoming test!

Each practice test/flash card set has 50 randomly selected questions from a bank of over 500. You'll get a new set of questions each time!

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Who may have a managing member in an LLC?

Corporations only
Partnerships only
LLC only
Joint ventures only

The correct answer is: LLC only

A managing member in an LLC is responsible for the day-to-day operations and decision-making of the company. This person has a significant amount of authority and control within the LLC. Options A, B, and D are incorrect because they do not have the same business structure as an LLC. Corporations have a board of directors and executives, partnerships have multiple partners who share decision-making, and joint ventures are temporary partnerships formed for a specific project. Only an LLC has a managing member who holds a leadership role within the company.