Exam 38: A: Limited Liability Companies Special Business Forms

Fibreboard Construction,Inc. ,and Gated Community Corporation form a joint venture.A joint ven?ture is usually formed for

Lars is considering forms of business organization for his auto repair firm.Like most states,Lars's state requires that to form a limited liabil?ity company,he must file with a central state agency

Homer's Remodeling,LLC,is a limited liability company.Among the mem?bers,a dispute arises that their operating agreement does not cover.No statute applies.The dispute is governed by the principles of

China Bank 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,China Bank can

The alter-ego doctrine can be applied to a limited liability company.

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

The owners of a limited liability company enjoy limited liability.

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

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

As the trustee of a business trust,Dwight is required to

Big Valu Grocery Stores is an unincorporated cooperative.Big Valu and other unincorporated cooperatives are often treated like

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

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

Peyton,Qiana,and River form a syndicate to buy a professional basketball franchise.This syndicate could be set up as

Jin,Karlo,and other consumers form Metro Purchasing Cooperative.This form of business organization makes it possible for these individuals to

Joint venturers have the authority to enter into contracts for the business that will bind the joint venture.

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

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

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 is a citizen of every state in which it does business.