Exam 37: Limited Liability Companies Special Business Forms

Big Valu Grocery Stores is an unincorporated cooperative. Big Valu and other unincorporated cooperatives are generally treated like

Consumers in Delta City form a business organization to provide, without profit, an economic service to its members. This is

Elmo is the owner and manager of a business trust. Under the terms of a business trust, Elmo is required to

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

A limited liability company is operated in compliance with state law.

Kris is a member of Laboratory Services, LLC, a limited liability company. Kris can participate in the firm's management

A foreign limited liability company (LLC) is an LLC owned by an entity outside the United States.

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

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

The owners of a joint stock company are personally liable for its obligations.

Most states do not permit one-member limited liability companies.

Jade, Kelly, and Lila organize a nonprofit business-JKL Markets, Inc.-to buy groceries from wholesalers and sell them to consumers who buy a membership in JKL. Because the firm is a nonprofit entity, it is able to sell the groceries for less than a commercial grocer could. What form of business organization is JKL Markets? Is it significant that JKL is incorporated?

Serious Gamers, LLC, is a limited liability company. Among the mem?bers, a dispute arises that their operating agreement does not cover. No statute applies. The dispute is governed by the principles of

A syndicate may be organized as a corporation but not as a partnership.

A limited liability company offers the limited liability of a corporation.

Omega Corporation and Precise Code, Inc., two software firms, wish to combine their research and development capabilities to make a special, limited edition computer game. The most appropriate legal en?tity for this project might be

A limited liability company must be formed in compliance with federal law.

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

National Capital Corporation and International Investments, Inc., form a joint stock company. The ownership of a joint stock company is repre?sented by

In some states, business trusts pay corporate taxes.