Question 1

Members of a limited liability company (LLC)can stipulate in their operating agreement how managers will be chosen or removed.

Accepted Answer

A) True 
 B)False

Question 2

Jeremy is considering forms of business organization,including the limited liability company (LLC) ,for his concessions business-Kettle Popt-Korn. Most states require that an LLC have

Accepted Answer

A)  an alter ego,but no minimum number of participants.
B)  at least one member.
C)  at least two members
D)  at least one non-member manager.

Question 3

Limited liability company operating agreements can provide whether formal members' meetings will be held.

Accepted Answer

A) True 
 B)False

Question 4

Lebron,Michael,Nolan,and O'Neill combine to buy a professional basketball franchise. Their selected form of business organization is an investment group,which is also known as

Accepted Answer

A)  a business trust.
B)  a joint stock company.
C)  a joint venture.
D)  a syndicate.

Question 5

A joint stock company is usually treated like a partnership.

Accepted Answer

A) True 
 B)False

Question 6

Western Rodeo LLC is a limited liability company (LLC) . Like other LLCs,for federal jurisdictional purposes,Western Rodeo is most likely a citizen of every state

Accepted Answer

A)  in the United States.
B)  in which its members are citizens.
C)  in which it does business.
D)  in which it is sued.

Question 7

A limited liability company that has two or more members can be taxed as a corporation.

Accepted Answer

A) True 
 B)False

Question 8

IT Apps,LLC,is a limited liability company. Among its members,a dispute arises that the operating agreement does not cover. The dispute is governed by

Accepted Answer

A)  the applicable state LLC statute.
B)  the Uniform Limited Liability Company Act.
C)  the principles of partnership law.
D)  the federal LLC statutes.

Question 9

In most states,a limited liability company can have only a limited number of members.

Accepted Answer

A) True 
 B)False

Question 10

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

Accepted Answer

A)  an aggregate of Chad,Dolores,and the other members.
B)  a natural person in the members' "family."
C)  a legal entity apart from the owners.
D)  a non-participating third party.

Question 11

Commerce & Trade Corporation and Distance Shipping & Transport,Inc.,form a business trust. eCharge Auto Company and Fleet Electric Corporation form a joint stock company. Green AgriCorp and Harvest Farms,Inc.,form an in-corporated cooperative. What features do these combinations of business organization have in common?

Accepted Answer

There are differences among these forms ...

Question 12

Dairy Products,Inc.,and Eden Farms Corporation form a joint venture to make and test-market Frosty Ice Cream. A joint venture is usually formed for

Accepted Answer

A)  an implied duration of not more than six months.
B)  a single transaction or project.
C)  a stated duration of not more than one year.
D)  a perpetual existence.

Exam 32: Limited Liability Companies and Special Business Forms

A joint stock company is usually treated like a partnership.

Correct Answer
verified

IT Apps,LLC,is a limited liability company. Among its members,a dispute arises that the operating agreement does not cover. The dispute is governed by

Correct Answer
verified

Members of a limited liability company (LLC)can stipulate in their operating agreement how managers will be chosen or removed.

Correct Answer
verified

Jeremy is considering forms of business organization,including the limited liability company (LLC) ,for his concessions business-Kettle Popt-Korn. Most states require that an LLC have

Correct Answer
verified

A limited liability company that has two or more members can be taxed as a corporation.

Correct Answer
verified

Lebron,Michael,Nolan,and O'Neill combine to buy a professional basketball franchise. Their selected form of business organization is an investment group,which is also known as

Correct Answer
verified

Limited liability company operating agreements can provide whether formal members' meetings will be held.

Correct Answer
verified

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

Correct Answer
verified

Correct Answer
verified
There are differences among these forms ...
View Answer

Dairy Products,Inc.,and Eden Farms Corporation form a joint venture to make and test-market Frosty Ice Cream. A joint venture is usually formed for

Correct Answer
verified

In most states,a limited liability company can have only a limited number of members.

Correct Answer
verified

Western Rodeo LLC is a limited liability company (LLC) . Like other LLCs,for federal jurisdictional purposes,Western Rodeo is most likely a citizen of every state

Correct Answer
verified

Exam 32: Limited Liability Companies and Special Business Forms

A joint stock company is usually treated like a partnership.

Correct AnswerverifiedShow Answer

IT Apps,LLC,is a limited liability company. Among its members,a dispute arises that the operating agreement does not cover. The dispute is governed by

Correct AnswerverifiedShow Answer

Members of a limited liability company (LLC)can stipulate in their operating agreement how managers will be chosen or removed.

Correct AnswerverifiedShow Answer

Jeremy is considering forms of business organization,including the limited liability company (LLC) ,for his concessions business-Kettle Popt-Korn. Most states require that an LLC have

Correct AnswerverifiedShow Answer

A limited liability company that has two or more members can be taxed as a corporation.

Correct AnswerverifiedShow Answer

Lebron,Michael,Nolan,and O'Neill combine to buy a professional basketball franchise. Their selected form of business organization is an investment group,which is also known as

Correct AnswerverifiedShow Answer

Limited liability company operating agreements can provide whether formal members' meetings will be held.

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

Correct AnswerverifiedThere are differences among these forms ...View AnswerShow Answer

Dairy Products,Inc.,and Eden Farms Corporation form a joint venture to make and test-market Frosty Ice Cream. A joint venture is usually formed for

Correct AnswerverifiedShow Answer

In most states,a limited liability company can have only a limited number of members.

Correct AnswerverifiedShow Answer

Western Rodeo LLC is a limited liability company (LLC) . Like other LLCs,for federal jurisdictional purposes,Western Rodeo is most likely a citizen of every state

Correct AnswerverifiedShow Answer

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified
There are differences among these forms ...
View Answer

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified