Exam 37: Limited Liability Companies Special Business Forms

China Bank is a foreign entity-a firm owned and operated by investors in a foreign country. With respect to an LLC in the United States, China Bank can

A group of individuals getting together to finance a particular project may form a syndicate.

For federal income tax purposes, a limited liability company can choose to be taxed like a corporation.

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

Fibreboard Construction, Inc., and Gated Community Corporation form a joint venture. A joint ven?ture is usually formed for

The owners of an unincorporated cooperative have joint liability for its obligations.

Unincorporated cooperatives are often treated like partnerships.

Cookie Kiosk LLC's members and managers are Dwight, Emma, and Fawn. After Dwight's relationship to Cookie Kiosk ends, Emma and Fawn agree to discontinue the firm's business. This is most likely

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

Unless otherwise agreed, the participants in a joint venture have an equal voice in controlling the enterprise.

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

The owners of an incorporated cooperative are personally liable for its obligations.

A cooperative is an association organized to provide an economic service to its members.

A business trust is created by a written trust agreement.

In a limited liability company, members do not have to participate in its manage?ment.

In a limited liability company, members cannot participate in its management.

An operating agreement for a limited liability company need not be in writing.

Owen, Paula, Quinn, and Rita combine to finance the building of Super Stores, a shopping mall. Their selected form of business organization is an in?vestment group, or

A limited liability company cannot be taxed as a corporation.

The dissociation of a mem?ber of a limited liability company in violation of the operating agreement is legally wrongful.