Exam 38: Limited Liability Companies and Special Business Forms

Members of a limited liability company can stipulate in their operating agreement how voting rights will be apportioned.

Under most limited liability company statutes, if the members do not specify how profits will be split, they are divided in proportion to the members' capital investment.

Leon, Michael, Nolan, and O'Neill join together to buy a professional basketball franchise. Their selected form of business organization is an investment group, which is also known as

ost states apply to a limited liability company (LLC) formed in another state the law of the state where the LLC currently does business.​

In most states, a limited liability company can have only a limited number of members.

Lauren, Maria, and Nina form a syndicate to buy a professional soccer franchise. This syndicate could be set up as

The members of a limited liability company have unlimited liability for any loss or injury caused by the wrongful acts or omissions of the firm.

Typically, the articles of organization of a limited liability company (LLC) include information on how the LLC will be managed.

Start-Ups, LLC, is a limited liability company without a written operating agreement. Among the members, a dispute arises concerning the division of profits. Under most LLC statutes, the profits will be

When a limited liability company is dissolved, any member, including those who wrongfully dissociated, may participate in the winding up process.

Lightning Corporation and Mind, Inc., two game creators, wish to combine their capabilities to make and market Nano, a special limited-edition game. The appropriate legal entity for this project is most likely

A limited liability company can be held liable for any loss or injury caused by the wrongful acts or omissions of its members.

Cliff is a member of Dental Clinic, LLC. Cliff can participate in the firm's management to

Jim is considering forms of business organization, including the limited liability company (LLC), for his business-Kettle Popt-Korn. Most states require that an LLC have ​

Dana is a member of Earthground Coffee, LLC, a limited liability company. Dana is liable for Earthground's debts

As the trustee of a business trust, Travis is required to

Western Rodeo LLC is a limited liability company (LLC). Like other LLCs, for federal jurisdictional purposes, Western Rodeo is most likely a citizen of

In most states, a limited liability company must have at least two members.

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

Home Healthcare, LLC's owners are Inez and Jan. For purposes of entering into contracts, Home Healthcare is