Ch 28 Flashcards
1
Q
a hybrid form of business enterprise that offers the limited liability of a corporation and the tax advantages of partnership
A
limited liability company
2
Q
a person who has an ownership interest in a limited liability company
A
member
3
Q
the document filed with a designated state official by which a limited liability company is formed
A
article of organization
4
Q
an agreement in which the members of a limited liability company set forth the details of how the business will be managed /operated
A
operating agreement
5
Q
1) limited liability
2) taxation
3) management and foreign investors
A
advantages of LLC
