Oregon Construction Contractors (CCB) Practice Test

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Prepare for the Oregon CCB Test with our study materials. Use flashcards and multiple-choice questions with explanations and hints. Ensure you're ready for exam success!

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A limited liability company (LLC) must have how many members?

At least one member
At least two members
Three or more members
No members required

The correct answer is: At least one member

A limited liability company (LLC) can be formed with just one member, making it a suitable option for individual entrepreneurs or sole proprietors who want the liability protection that an LLC provides. This single-member structure allows for the flexibility and simplicity of operation while still enjoying the benefits of limited liability. LLCs are unique because they offer flexibility in ownership. Unlike corporations, which typically require multiple shareholders, a single-member LLC can operate as a distinct legal entity without the need for additional members. This means that an individual can manage and control the business while benefiting from the legal protections an LLC offers, such as safeguarding personal assets from business liabilities. In contrast to the other options, which suggest a minimum number of members greater than one, the requirement for a minimum of one member confirms the accessibility and adaptability of the LLC structure for various business needs. Thus, the option indicating that at least one member is required is accurate and reflects the fundamental nature of LLCs in the legal framework governing business entities.