Exam 32: Limited Liability Companies and Special Business Forms

Choosing a business organizational form that limits its owners' liability may lead to greater profits for the firm.

Paving LLC is a foreign limited liability company in the state of Ohio. In dealing with Paving, Ohio will apply the law of the state where the firm

A limited liability company that wants to distribute profits to its members could avoid "double taxation" by electing to be taxed as

Dairy Products, Inc., and Eden Farms Corporation form a joint venture to make and test-market Frosty Ice Cream. If this joint venture is like most joint ventures, it will continue

Oil Inc. and Petro Corporation form a joint venture to design and test petroleum storage facilities and equipment. When a dispute arises, Oil files a suit against Petro. The court is most likely to apply the same principles to this joint venture as it applies to

Bayside Restaurant LLC is a limited liability company. Its sole member is Conrad. For federal income tax purposes, unless the firm indicates otherwise, it will automatically be taxed as

Global Capital S.A. is a foreign investor. With respect to the operations of a limited liability company in the United States, Global can

Licensed fishing outfits in Bayou City form a business organization to provide, without profit, an economic service to its members. This is

A cooperative can be incorporated.

To form a limited liability company, articles of organization must be filed with an attorney's office.

Grape Vineyards LLC, the members of which include Howie and Ilya, can hold title to property because as a limited liability company the firm is

Phone Apps LLC is forming as a limited liability company. To become a manager-managed firm, Phone Apps' members must