Kendall has developed a new fishing rod and needs $100,000 t…
Kendall has developed a new fishing rod and needs $100,000 to build some inventory and cover the start-up costs for a new business. Roman, a wealthy fishing nut who considers Kendall his closest friend, transfers $100,000 to Kendall. Kendall and Roman formed a manager-managed limited liability company (LLC), with Kendall designated as the manager. Which of the following is true?