Business Studies Foundation of Business Business organizations

Which of the following is not correct about Limited Liability Company (LLC)?

1
A limited liability company consists of one or more members/owners who actively manage the business of the limited liability company.
2
Members and owners of LLC are not protected from being held personally liable for the operations and debts of the business.
3
The members/owners in such a business enjoy limited liability, similar to that of a shareholder in a corporation.
4
LLC is a hybrid model with elements of both a traditional partnership and a corporation.
5
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