Exam 28: Limited Liability Companies and Special Business Forms

Unless a limited liability company indicates otherwise, the Internal Revenue Service automatically taxes it as a partnership.

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

Most states apply to a limited liability company (LLC) formed in another state the law of the state where the LLC was formed.

Foreign investors cannot participate in a limited liability company.

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​

As the beneficiary of a business trust, Kevin's liability for trust debts and obligations is

A limited liability company is a citizen of every state of which its members are citizens.

Gabriella is a beneficiary of a business trust. As a beneficiary, she is required to

Transworld Import Company and USA Export, Inc., form a business organization to engage in importing and exporting. Its property is held in the names of the members and its shareholders have personal liability. This organization is

Oil Reserves, Inc., and Petro Refining 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

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

Rural Residential Development Company and Suburban Real Estate Corporation form a joint stock company. A joint stock company can be formed for, at the most,