Exam 37: Limited Liability Companies Special Business Forms

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

Most limited liability company statutes have strict provisions regu?lating members' meetings.

Ray, Sully, and Toma form a syndicate to buy a professional football team. This syndicate could be set up as

A limited liability company is a legal entity apart from its owners.

Capital Investment Corporation and Durable Goods, Inc., form a business trust. Excel Company and Finest Corporation form a joint stock company. Growing Acres Corporation and Hybrid Farms, Inc., form an in?corporated cooperative. What features do these combinations of business organization have in common?

Mit-E Mart LLC was formed in New Jersey. Mit-E Mart's members are Odel, who is a citizen of New Jersey, and Pola, who is a citizen of New York. For federal diversity jurisdictional purposes, Mit-E is a citizen of

High Pointe LLC's members include Irvin. For purposes of holding title to property, High Pointe is

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

Giving control of a joint venture to one of its participants does not affect the status of the relationship.

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

A joint venture is taxed like a partnership.

A syndicate may exist in the form of a partnership but not a corporation.

Alpha Communications, a partnership, publishes consumer periodicals, including Science Today. Beta Publications, also a partnership, pub?lishes professional periodicals, including Technology Review. Alpha and Beta agree to pool their resources in a one-time deal to print and market a book, Unlimited Future. In contracting with Gamma Printing Supplies, Inc., for paper to print the book, Alpha commits fraud. In contracting with Delta Literary Agency for articles to use in Technology Review, Beta commits fraud. Gamma and Delta file suits against Alpha and Beta. What type of business organization has Alpha and Beta formed? To whom, if anyone, is Alpha liable? To whom, if anyone, is Beta liable?

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

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

Like a corporation, the ownership of a joint stock company is represented by shares of stock.

In a limited liability company, members must participate in the manage?ment of the company.

The members, managers, and agents of a limited liability company are liable for its obligations by virtue of their status.

Unlike a partnership, a joint venture is typically an ongoing business.

CPA Accounting, LLC, is a limited liability company. If the law in CPA's state is like the law in most states, unless the members have agreed other?wise, participants in the firm's management will be considered to include