Exam 33: Limited Liability Companies Special Business Forms

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

Farm2Fork, LLC, is a limited liability company. Rather than dis?tribute its profits to its members, Energy wants to reinvest the profits in its business. For this reason, Energy may prefer to be taxed as

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

Kirby is a manager of Jumpstart Fitness LLC, a limited liability company. Jumpstart is formed in a state that imposes fiduciary duties on LLC managers. Kirby owes these duties to

When a limited liability company is dissolved, any member who did not wrongfully dissociate may participate in the winding up process.

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.

Qatar Global Investments is a foreign entity-a firm owned and operated by investors in a foreign country. With respect to a limited liability company in the United States, Qatar Global can

If there is no limited liability company (LLC) agreement covering a topic under dispute, the state LLC statute will govern the outcome.

A limited liability company is a citizen of every state in which it does business.

A limited liability company can be taxed as a partnership.

Petra, Queenie, and Randall want to form Sales-to-Infinity, LLC (limited li?ability company). What should they provide in their operating agreement? If they fail to include some important operating details, what determines these details?

Owen, Paula, Quinn, and Rita combine to finance the building of Super Stores, a shopping mall. Their selected form of business organization is an in?vestment group, or

Kristal is a member of Laboratory CSI Services, LLC, a limited liability company. Kristal can participate in the firm's management

Jessica's Jumpin' Jelly Beans, LLC, is a limited liability company. Unless indi?cated otherwise on Jessica's federal tax form, the firm will be taxed as

A syndicate may be organized as a corporation but not as a partnership.

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

Neverend Music Company and Monotonous Metronome Corporation form a joint stock company. A joint stock company can be formed for, at the most,

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

State limited liability company statutes are uniform.

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