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Exam 33: Limited Liability Companies Special Business Forms

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Question 31

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

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Question 32

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

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Question 33

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Federal law dictates the requirements for the formation of a limited liability company.

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

Serious Gamers,LLC,is a limited liability company.Among the members,a dispute arises that their operating agreement does not cover.No statute applies.The dispute is governed by the principles of

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

In a limited liability company,members must participate in the management of the company.

Cookie Kiosk LLC's members and managers are Dwight,Emma,and Fawn.After Dwight's relationship to Cookie Kiosk ends,Emma and Fawn agree to discontinue the firm's business.This is most likely

Fay is a member of Garden Groves LLC.Like other members of limited liability companies,Fay's liability for Garden Groves's obligations resembles the liability of

Unless otherwise agreed,the participants in a joint venture share its profits equally.

A cooperative may take the form of a corporation.

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

The owners of an unincorporated cooperative have joint liability for its obligations.

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

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

An operating agreement for a limited liability company need not be in writing.

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

A foreign limited liability company (LLC)is an LLC owned by an entity outside the United States.

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

The owners of a joint stock company are personally liable for its obligations.