Exam 32: Limited Liability Companies and Special Business Forms

StartUp Investors,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

A limited liability company is a citizen of every state,regardless of the citizenship of its members.

In many states,an operating agreement is required for a limited liability company to exist.

Tax Accounting,LLC,is a member-managed limited liability company. If the law in Tax Accounting's state is like the law in most states,unless the members have agreed otherwise,voting rights are apportioned according to

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

Foreign investors cannot participate in a limited liability company.

Generally,if a member dissociates form a limited liability company (LLC),the other members cannot continue to carry on the LLC's business.

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

Limited liability companies are entities apart from their owners.

Medical Professionals Supply Source is an unincorporated cooperative. Unincorporated cooperatives are often treated like

In a limited liability company,the management may consist of members or nonmembers,but not both.

Kalin,Liza,and other consumers form MuniMart Cooperative. This form of business organization makes it possible for these individuals to

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

Generally,a dissociated member of a limited liability company (LLC)has the right to buy his or her interest in the LLC from the other members.

Jeri and Knute are members of Lighthouse Tours LLC,a limited liability company. With respect to Lighthouse Tours's liability,as members,Jeri and Knute are shielded from

Valu Food Markets is an incorporated cooperative. Like other incorporated cooperatives,Valu Food distributes profits to its owners on the basis of

Qatar Global Investments is a foreign entity-a firm owned and operated by investors in a foreign country. With respect to a limited liability company in the United States,Qatar Global can

On Site Health Aides,LLC's members include Phyllis and Qiana. For purposes of entering into contracts,OnSite Health Aides is

Oni's Adventure Travel and Paquito's Wild River Tours form a joint venture. Oni can participate in the venture's management

Custom Auto Body & Detailing,LLC,is a limited liability company. Its members include Dennis and Estelle. Like other LLCs with more than one member,unless indicated otherwise,the firm will automatically be taxed as