Exam 38: B: Limited Liability Companies Special Business Forms

B2B,LLC,is a limited liability company.Among its members,a dispute arises that the operating agreement does not cover.The dispute is gov?erned by

Jay is a member of Kappa,LLC,a limited liability company.Jay is liable for Kappa's debts

Some states provide that in the absence of an agreement to the contrary each member of a limited liability company has one vote.

Limited liability companies (LLCs)are governed by state LLC statutes.

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

Most limited liability company statutes have no provisions regarding members' meetings.

Sustainable Café LLC is a limited liability company.Like any other LLC,unless Sustainable Café chooses otherwise,the firm will be taxed as

A limited liability company can be taxed as a partnership.

Flip is a member of Great States Trucking LLC.Flip's relationship to Great States ends,but the firm continues to do business.This is

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

State limited liability company statutes are uniform.

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?

Build-Rite Construction Corporation and Deals-R-Us,Inc. ,combine their efforts to build an entertainment complex.Their form of business organization is

Normally,a dissociated member of an limited liability company (LLC)has the right to force the LLC to dissolve.

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

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

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

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

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