Exam 38: Limited Liability Companies Special Business Forms

A limited liability company is not a citizen of any state.

A limited liability company as an entity is not liable for the wrongful acts or omissions of its members.

The members of a joint venture have more implied and apparent authority than the partners in a partnership.

Build-Rite Construction Corporation and Deals-R-Us,Inc.,combine their efforts to build an entertainment complex.Their form of business organization is

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

Vela and other farmers in Washington County form a business organi?zation to provide,without profit,an economic service to its members.This is

A limited liability company that has only one member cannot be taxed.

Owen,Petunia,Quentin,and Rita combine to finance the building of Surfside Stores,a waterfront shopping mall.Their selected form of business organization is an in?vestment group,or

Sustainable Café LLC is a limited liability company.Like any other LLC,unless Sustainable Café chooses otherwise,the firm will be taxed as

Binary Corporation and Coda,Inc.,two software firms,wish to combine their research and development capabilities to make a special,limited edition computer game.The appropriate legal en?tity for this project is most likely

Bee Hive Honey,LLC's members include Chad.For purposes of suing and being sued,Bee Hive Honey is

Flip is a member of Great States Trucking LLC.Flip's relationship to Great States ends,but the firm continues to do business.This is

Some states provide that in the absence of an agreement to the contrary each member of a limited liability company has one vote.

Most limited liability company statutes have no provisions regarding members' meetings.

Accumulated Capital Corporation and Business Funds,Inc.,form a joint stock company.The ownership of a joint stock company is repre?sented by

When a member dissociates form a limited liability company,the member's duty of loyalty continues.

A joint venture resembles a partnership but is taxed like a corporation.

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

A limited liability company (LLC)formed in one state but doing business in another state is referred to in the second state as a foreign LLC.

Limited liability companies (LLCs)are governed by state LLC statutes.