Limited Liability Companies

Question 1

What is a limited liability company?

Answer 1

x

Question 2

What is the difference between an LLC and an S Corp or a limited partnership?

Answer 2

x

Question 3

What law governs LLCs?

Answer 3

x

Question 4

What is an LLC’s entity status?

Answer 4

x

Question 5

How is an LLC formed?

Answer 5

x

Question 6

What are the requirements for the certificate of organization?

Answer 6

x

Question 7

What name is required for an LLC?

Answer 7

x

Question 8

How are LLCs managed generally?

Answer 8

xx

Question 9

What is a member-managed LLC?

Answer 9

x

Question 10

What is a manager-managed LLC?

Answer 10

xx

Question 11

Can the LLC operating agreement alter members’ duties?

Answer 11

x

Question 12

What is a member’s liability in an LLC?

Answer 12

x

Question 13

What are member’s fiduciary duties to the LLC?

Answer 13

x

Question 14

What is a member’s duty of care?

Answer 14

x

Question 15

What is a member’s duty of loyalty?

Answer 15

x

Question 16

May the member’s ownership interest be transferred?

Answer 16

x

Question 17

How is an LLC’s corporate veil pierced?

Answer 17

x

Question 18

How are profits allocated in an LLC?

Answer 18

x

Question 19

What is a member or manager’s liability for improper distribution?

Answer 19

x

Question 20

What is an LLC’s indemnification obligation to members?

Answer 20

x

Question 21

What are the rights to information in a member-managed LLC?

Answer 21

x

Question 22

What are the rights to information in a manager-managed LLC?

Answer 22

xx

Question 23

What actions can a member take against the LLC?

Answer 23

x

Question 24

Can a member assign their interest in an LLC?

Answer 24

x

Question 25

Can a member's interest in an LLC be attached by a judgment creditor?

Answer 25

x

Question 26

When does an LLC dissociate?

Answer 26

xx

Question 27

What events cause LLC dissolution?

Answer 27

x

Question 28

When can LLCs dissolve by judicial dissolution?

Answer 28

x

Question 29

When may an LLC be administratively dissolved?

Answer 29

x

Question 30

What is the effect of an LLC dissolution?

Answer 30

xx

Question 31

Can a claim be asserted against a dissolved LLC?

Answer 31

x