Exam 37: Limited Liability Companies Special Business Forms

A joint venture does not terminate unless one of its participants dies.

Denny and Erv want to form a limited liability company (LLC) to manage their Web business, Filmz Online. LLC statutes have been adopted in

Loni, Michel, and Nita are investors in Oceanic Exploration, a busi?ness trust. A business trust is managed by its

A limited liability company must have an operating agreement.

Dan is considering forms of business organization for his financial advisory firm. Like most states, Dan's state requires that to form a limited liabil?ity company, he must file with a central state agency

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

Bookkeepers, LLC, is a limited liability company. Unless indi?cated otherwise on Bookkeepers's federal tax form, the firm will be taxed as

A cooperative may take the form of a corporation.

For federal jurisdictional purposes, a limited liability company is treated like a corporation.

Petra. Queenie, and Randell 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?

An unincorporated cooperative is often treated like a partnership.

The beneficiaries of a business trust are personally liable for its obligations.

Exotic Stuff Company and First Pier, Inc., form a business organiza?tion to engage in importing and exporting. Its property is held in the names of the members and its shareholders have personal liability. This business or?ganization is

Forming a limited liability company requires filing articles of organization in a state office.

Bill is considering forms of business organization for his Web site consult?ing firm. Most states require that a limited liability company have at least

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

Fay is a member of Garden Groves LLC. Like other members of limited liability companies, Fay's liability for Garden Groves's obligations resembles the liability of

Fab is the owner and manager of a business trust. Gilly is the benefici?ary. Responsibility for the debts and obligations of the trust rest with

Energy Resources, LLC, is a limited liability company. Rather than dis?tribute its profits to its members, Energy wants to reinvest the profits in its business. For this reason, Energy may prefer to be taxed as

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