Exam 38: Limited Liability Companies Special Business Forms

A limited liability company can be taxed as a partnership.

Buyers Club is an incorporated cooperative.Like other incorporated coop?eratives,Buyers Club distributes profits to its owners on the basis of

Downwind Land Corporation and Leeward Investments Company transfer their property to Financial Managers,Inc.,which manages the property and distributes the profits to Downwind and Leeward.This form of a business organization is

B2B,LLC,is a limited liability company.Among its members,a dispute arises that the operating agreement does not cover.The dispute is gov?erned by

Normally,a dissociated member of an limited liability company (LLC)has the right to force the LLC to dissolve.

CPA Accounting,LLC,is a limited liability company.If the law in CPA's state is like the law in most states,unless the members have agreed other?wise,participants in the firm's management will be considered to include

Greta is a member of Hovercraft LLC.As a member,Greta is

Rafaela Art Gallery and Sequoia Exhibitions form a joint venture.When a dispute arises,Rafaela files a suit against Sequoia.The court is most likely to apply the same principles to this joint venture as it applies to

In many states,an operating agreement is not required for a limited liability company to exist.

Esteban and Florian want to form a limited liability company (LLC)to manage their business,Gordian Nuts.LLC statutes have been adopted in

A joint venturer can be held personally liable for the venture's debts.

Jay is a member of Kappa,LLC,a limited liability company.Jay is liable for Kappa's debts

Delta Music Company and eDistribution & Marketing Corporation form a joint stock company.A joint stock company can be formed for,at the most,

Foreign investors are not allowed to become limited liability company members.

A business trust resembles a corporation.

Petra.Queenie,and Randall want to form Sales-to-Infinity,LLC (limited li?ability company).What should they provide in their operating agreement? If they fail to include some important operating details,what determines these details?

Coco is considering forms of business organization for her concessions business-Coco's Cupcakes.Most states require that a limited liability company have at least

The liability of the members of a limited liability company is limited to the amount of their investments.

State limited liability company statutes are uniform.

Alpha Communications,a partnership,publishes consumer periodicals,including Science Today.Beta Publications,also a partnership,pub?lishes professional periodicals,including Technology Review.Alpha and Beta agree to pool their resources in a one-time deal to print and market a book,Unlimited Future.In contracting with Gamma Printing Supplies,Inc.,for paper to print the book,Alpha commits fraud.In contracting with Delta Literary Agency for articles to use in Technology Review,Beta commits fraud.Gamma and Delta file suits against Alpha and Beta.What type of business organization has Alpha and Beta formed? To whom,if anyone,is Alpha liable? To whom,if anyone,is Beta liable?