Exam 38: Other Organizational Forms for Small Businesses

Coco is considering forms of business organization for her concessions business-Coco's Cakes. Most states require that a limited liability company have

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

The law governing limited liability companies is uniform.

Transworld Import Company and USA Export, Inc., form a business organiza?tion to engage in importing and exporting. Its property is held in the names of the members and its shareholders have personal liability. This or?ganization is

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?

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

Oni's Adventure Travel and Paquito's Wild River Tours form a joint venture. Oni can participate in the venture's management

Most courts apply the same principles to joint ventures as they apply to partnerships.

A limited liability company can be taxed as a partnership.

Custom Auto Body & Detailing, LLC, is a limited liability company. Unless indi?cated otherwise on the Custom Auto's federal tax form, the firm will be taxed as

A member of a limited liability company (LLC) has the power and the right to dissociate from the LLC at any time.

If a limited liability company (LLC) agreement does not cover a topic, the state LLC statute will govern.

Generally, a dissociated member of a limited liability company (LLC) has the right to buy his or her interest in the LLC from the other members.

Unless a limited liability company indicates otherwise, the Internal Revenue Service automatically taxes it as a partnership.

Limited liability company operating agreements typically contain provisions relating to management.

Rafaela Art Gallery and Sequoia Exhibitions form a joint venture. When a dispute arises, Rafaela files a suit against Sequoia. The court is most likely to apply the same principles to this joint venture as it applies to

If a member's dissociation from a limited liability company is rightful, normally the dissociated member has the right to force the LLC to dissolve.

For federal income tax purposes, one-member limited liability companies are not taxed.

Limited personal liability obviates the need to obtain for insurance for significant business liability risks.

Dreem Land Corporation and EZ Investments Company transfer their property to Financial Managers, Inc., which manages the property and distributes the profits to Dreem and EZ. This form of a business organization is