Exam 38: Limited Liability Companies Special Business Forms

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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 investment group, or

(Multiple Choice)

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(79)

Question 21

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

(Multiple Choice)

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Question 22

A limited liability company must be managed by non-member managers.

(True/False)

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Question 23

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

(True/False)

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Question 24

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.

(True/False)

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Question 25

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 entity for this project is most likely

(Multiple Choice)

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Question 26

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

(Multiple Choice)

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Question 27

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

(True/False)

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Question 28

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

(True/False)

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Question 29

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

(Multiple Choice)

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Question 30

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

(Multiple Choice)

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Question 31

A limited liability company, as an entity, pays no taxes.

(True/False)

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Question 32

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

(Multiple Choice)

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(86)

Question 33

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

(Multiple Choice)

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(79)

Question 34

A limited liability company can be taxed as a partnership.

(True/False)

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(76)

Question 35

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

(True/False)

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Question 36

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

(Multiple Choice)

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Question 37

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

(True/False)

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Question 38

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

(Multiple Choice)

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Question 39

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

(True/False)

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Question 40

Showing 21 - 40 of 42

Exam 38: Limited Liability Companies Special Business Forms

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 investment group, or

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

A limited liability company must be managed by non-member managers.

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

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.

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 entity 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

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

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

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

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

A limited liability company, as an entity, pays no taxes.

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

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

A limited liability company can be taxed as a partnership.

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

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.

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

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

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Ethics and Business Decision Making

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Title, Risk, and Insurable Interest

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