6. LLCs Flashcards
1
Q
What is an LLC?
A
Hybrid between corp and partnership
2
Q
What are the two benefits to an LLC?
A
- Same rights and liability as SHs in a corp
- Partnership tax treatment
3
Q
How is an LLC formed?
A
Filing articles of organisation and may adopt operating agreement
4
Q
Who manages an LLC?
A
Members by default, but may delegate to managers
5
Q
Absent a provision in the operating agreement, what is required to transfer a full membership interest?
A
Unanimous consent of all members
6
Q
Absent a provision in the operating agreement, when will an LLC dissolve?
A
Upon unanimous consent of all members
