Exam 39: Limited Liability Companies and Limited Liability Partnerships

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The ________ is a model act that provides comprehensive and uniform laws for the formation,operation,and dissolution of LLCs (limited liability companies).

(Multiple Choice)

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Question 41

The Uniform Limited Liability Company Act is a model act that provides comprehensive and uniform laws for the formation,operation,and dissolution of LLCs (limited liability companies).

(True/False)

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Question 42

Limited liability companies (LLCs)are treated as artificial persons who can sue or be sued and enter into and enforce contracts.

(True/False)

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Question 43

The owner of an LLC (limited liability company)is called a ________.

(Multiple Choice)

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Question 44

A(n)________ LLC (limited liability company)has no specified term of duration.

(Multiple Choice)

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Question 45

Which of the following is true of profits and losses of an LLC (limited liability company)whose operating agreement does not contain profit or loss sharing clauses?

(Multiple Choice)

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Question 46

Which of the following is true of compensation offered by an LLC (limited liability company)?

(Multiple Choice)

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Question 47

Mary,Harold,Harvey,and William form an LLC (limited liability company)by contributing $20,000,$50,000,$55,000,and $150,000,respectively.The LLC is designated to be member-managed.When a decision is put to vote,Mary,Harvey,and Harold vote "yes," whereas William votes "no." Which of the following is true in this context?

(Multiple Choice)

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Question 48

What is a distributional interest? Explain the terms of its transfer.

(Essay)

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Question 49

________ is a duty owed by a member of an LLC (limited liability company)to not act adversely to the interests of the LLC.

(Multiple Choice)

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Question 50

Profits and losses from a Limited liability company (LLC)do not have to be distributed in the same proportion.

(True/False)

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Question 51

Agents of an LLC (limited liability company)are not permitted to enter into contracts on behalf of the LLC.

(True/False)

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Question 52

The manager does not owe a duty of loyalty to the LLC (limited liability company)as he or she is not a member of the LLC.

(True/False)

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Question 53

Which of the following is true of a member-managed LLC (limited liability company)?

(Multiple Choice)

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Question 54

A limited liability partnership has no general partner.

(True/False)

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Question 55

An LLC (limited liability company)is not liable for injury caused by an LLC member while acting within the ordinary course of business of the LLC.

(True/False)

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Question 56

Which of the following is true of an LLC (limited liability company)?

(Multiple Choice)

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Question 57

Members of LLCs (limited liability companies)are not personally liable for the LLCs' debts,obligations,and liabilities.

(True/False)

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Question 58

Philip and Deborah form an LLC (limited liability company).Philip contributes $50,000 capital,and Deborah contributes $75,000 capital.They do not have an agreement as to how profits are to be shared.If the LLC makes a $100,000 profit in its first year,how will the profit be divided among the members?

(Multiple Choice)

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Question 59

In which of the following cases does the conversion of an existing business to an LLC (limited liability company)take effect?

(Multiple Choice)

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Question 60

Showing 41 - 60 of 81

Exam 39: Limited Liability Companies and Limited Liability Partnerships

The ________ is a model act that provides comprehensive and uniform laws for the formation,operation,and dissolution of LLCs (limited liability companies).

The Uniform Limited Liability Company Act is a model act that provides comprehensive and uniform laws for the formation,operation,and dissolution of LLCs (limited liability companies).

Limited liability companies (LLCs)are treated as artificial persons who can sue or be sued and enter into and enforce contracts.

The owner of an LLC (limited liability company)is called a ________.

A(n)________ LLC (limited liability company)has no specified term of duration.

Which of the following is true of profits and losses of an LLC (limited liability company)whose operating agreement does not contain profit or loss sharing clauses?

Which of the following is true of compensation offered by an LLC (limited liability company)?

What is a distributional interest? Explain the terms of its transfer.

________ is a duty owed by a member of an LLC (limited liability company)to not act adversely to the interests of the LLC.

Profits and losses from a Limited liability company (LLC)do not have to be distributed in the same proportion.

Agents of an LLC (limited liability company)are not permitted to enter into contracts on behalf of the LLC.

The manager does not owe a duty of loyalty to the LLC (limited liability company)as he or she is not a member of the LLC.

Which of the following is true of a member-managed LLC (limited liability company)?

A limited liability partnership has no general partner.

An LLC (limited liability company)is not liable for injury caused by an LLC member while acting within the ordinary course of business of the LLC.

Which of the following is true of an LLC (limited liability company)?

Members of LLCs (limited liability companies)are not personally liable for the LLCs' debts,obligations,and liabilities.

In which of the following cases does the conversion of an existing business to an LLC (limited liability company)take effect?

Legal Environment of Business and Online Commerce

Courts and Jurisdiction

Judicial, alternative, and Online Dispute Resolution

Constitutional Law for Business and E-Commerce

Intentional Torts and Negligence

Product and Strict Liability

Intellectual Property and Cyber Piracy

Criminal Law and Cyber Crime

Nature of Traditional and E-Contracts

Agreement

Consideration and Promissory Estoppel

Capacity and Legality

Genuineness of Assent and Undue Influence

Statute of Frauds and Equitable Exceptions

Third-Party Rights and Discharge

Remedies for Breach of Traditional and E-Contracts

Digital Law and E-Commerce

Formation of Sales and Lease Contracts

Title to Goods and Risk of Loss

Remedies for Breach of Sales and Lease Contracts

Warranties

Creation of Negotiable Instruments

Holder in Due Course and Transferability

Liability, defenses, and Discharge

Banking System and Electronic Financial Transactions

Credit, mortgages, and Debtors Rights

Secured Transactions

Bankruptcy and Reorganization

Agency Formation and Termination

Liability of Principals, agents, and Independent Contractors

Employment, worker Protection, and Immigration Law

Labor Law

Equal Opportunity in Employment

Small Business, entrepreneurship, and General Partnerships

Limited Partnerships and Special Partnerships

Corporate Formation and Financing

Corporate Governance and the Sarbanes-Oxley Act

Corporate Acquisitions and Multinational Corporations

Franchises and Special Forms of Businesses

Investor Protection, e-Securities, and Wall Street Reform

Ethics and Social Responsibility of Business

Administrative Law and Regulatory Agencies

Consumer Protection and Product Safety

Environmental Protection

Antitrust Law and Unfair Trade Practices

Personal Property, real Property, and Insurance

Real Property

Landlord-Tenant Law and Land Use Regulation

Insurance

Accountants Duties and Liability

Wills, trusts, and Estates

Family Law

International and World Trade Law

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