Exam 29: Limited Liability Partnerships and Limited Liability Companies

In the case, Kirksey v. Grohmann, because the members could no longer communicate regarding the LLC except through legal counsel, and faced deadlock, the court ordered

In an operating agreement, should one of the members die, what will be the effect?

All of the following statements about the RULLCA are correct, except

A dissolution occurs

When an LLC is insolvent any distribution of money made will be called

The operating agreement must determine if the LLC is a member-managed LLC or a manager-managed LLC so that third parties can

After the ULLCA was created, some states have started to adopt an act that modifies it called

All of the following statements are true about double taxation except

The main goal of both the ULLCA and the RULLCA is

All of the following listed below are methods for capitalizing LLCs except

Phoenix Bookstore, LLC with four members incurs substantial debt due to a downturn in book purchases. At the end of the fiscal year they are $100,000.00 in debt. For how much will each of the four member be personally liable?

A pledge from LLC members of personal assets to guarantee payment obligations of the business venture is called a(n)

All of the following are generally required to be included in the articles of organization except

Bob is an owner in an LLC which makes him a __________.

The RULLCA changes the term managing member to

Evan wishes to start an LLC that will do business in Florida, Vermont and Alaska. In which state(s) must he file the articles of organization?

All of the following statements about the Uniform Limited Liability Company Act are correct except

All of the following are characteristics of an LLC, except

The process when an individual member of an LLC exercises the right to withdraw from the partnership is called __________.

LLC laws define dissolution of an LLC as a __________ process.