Exam 30: Limited Liability Companies and Limited Liability Partnerships

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Sandra,Ben,and Farah form an LLC.They designate the LLC as a manager-managed LLC,and name Ben and a friend named Lily as managers.Sandra enters into a contract to lease equipment on behalf of the LLC.Which of the following is true of the given scenario?

(Multiple Choice)

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Question 21

In states where an LLC may be organized by only one member,________ can obtain the benefit of the limited liability shield of an LLC.

(Multiple Choice)

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Question 22

All LLPs have a general partner who is personally liable for the debts and obligations of the partnership.

(True/False)

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Question 23

The conversion of a business into an LLC takes effect when the articles of organization are filed with the secretary of state.

(True/False)

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Question 24

In a manager-managed LLC,both the managers and members have authority to bind the LLC to contracts.

(True/False)

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Question 25

A member's ownership interest in an LLC is called a ________.

(Multiple Choice)

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Question 26

Which of the following is true of the ULLCA?

(Multiple Choice)

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Question 27

The conversion of an existing business to an LLC takes effect when ________.

(Multiple Choice)

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Question 28

An LLC is not obligated to reimburse members and managers for payments made on behalf of the LLC.

(True/False)

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Question 29

A member's distributional interest in an LLC is ________ and may be transferred in whole or in part.

(Multiple Choice)

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Question 30

Which of the following refers to a limited liability company that has a specified term of duration?

(Multiple Choice)

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Question 31

A member's obligation to contribute capital is excused only by the member's death.

(True/False)

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Question 32

Who among the following is committing wrongful disassociation?

(Multiple Choice)

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Question 33

An operating agreement or amendment cannot be orally stated.

(True/False)

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Question 34

The price and terms of the distributional interest of a disassociating member is decided by federal LLC law.

(True/False)

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Question 35

The certificate of interest acts the same as a(n)________ issued by a corporation.

(Multiple Choice)

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Question 36

If a limited liability partnership fails,________.

(Multiple Choice)

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Question 37

Peter,Preston,and Penny organize an LLC in the month of January.While composing the operating agreement,they forget to include the amendment clause.Six months later,the situation demands an amendment to the operating agreement.Which of the following would best apply in this scenario?

(Multiple Choice)

4.9/5

(83)

Question 38

One of the partners of an LLP commits legal malpractice.Explain the consequences the LLP and its members would have to face if sued for the malpractice.

(Essay)

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Question 39

The right of a member of an LLC to an equal share in the LLC's profits cannot be overruled by any agreement.

(True/False)

5.0/5

(80)

Question 40

Showing 21 - 40 of 100

Exam 30: Limited Liability Companies and Limited Liability Partnerships

Sandra,Ben,and Farah form an LLC.They designate the LLC as a manager-managed LLC,and name Ben and a friend named Lily as managers.Sandra enters into a contract to lease equipment on behalf of the LLC.Which of the following is true of the given scenario?

In states where an LLC may be organized by only one member,________ can obtain the benefit of the limited liability shield of an LLC.

All LLPs have a general partner who is personally liable for the debts and obligations of the partnership.

The conversion of a business into an LLC takes effect when the articles of organization are filed with the secretary of state.

In a manager-managed LLC,both the managers and members have authority to bind the LLC to contracts.

A member's ownership interest in an LLC is called a ________.

Which of the following is true of the ULLCA?

The conversion of an existing business to an LLC takes effect when ________.

An LLC is not obligated to reimburse members and managers for payments made on behalf of the LLC.

A member's distributional interest in an LLC is ________ and may be transferred in whole or in part.

Which of the following refers to a limited liability company that has a specified term of duration?

A member's obligation to contribute capital is excused only by the member's death.

Who among the following is committing wrongful disassociation?

An operating agreement or amendment cannot be orally stated.

The price and terms of the distributional interest of a disassociating member is decided by federal LLC law.

The certificate of interest acts the same as a(n)________ issued by a corporation.

If a limited liability partnership fails,________.

Peter,Preston,and Penny organize an LLC in the month of January.While composing the operating agreement,they forget to include the amendment clause.Six months later,the situation demands an amendment to the operating agreement.Which of the following would best apply in this scenario?

One of the partners of an LLP commits legal malpractice.Explain the consequences the LLP and its members would have to face if sued for the malpractice.

The right of a member of an LLC to an equal share in the LLC's profits cannot be overruled by any agreement.

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