Brainscape's Knowledge GenomeTM

Browse over 1 million classes created by top students, professors, publishers, and experts.


See full index

Agency and Partnership > Limited Liability Companies > Flashcards

Limited Liability Companies Flashcards

1
Q

What is a limited liability company?

A

x

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

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

A

x

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

What law governs LLCs?

A

x

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

What is an LLC’s entity status?

A

x

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

How is an LLC formed?

A

x

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

What are the requirements for the certificate of organization?

A

x

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

What name is required for an LLC?

A

x

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

How are LLCs managed generally?

A

xx

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

What is a member-managed LLC?

A

x

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

What is a manager-managed LLC?

A

xx

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

Can the LLC operating agreement alter members’ duties?

A

x

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

What is a member’s liability in an LLC?

A

x

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

What are member’s fiduciary duties to the LLC?

A

x

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

What is a member’s duty of care?

A

x

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

What is a member’s duty of loyalty?

A

x

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

May the member’s ownership interest be transferred?

A

x

17
Q

How is an LLC’s corporate veil pierced?

A

x

18
Q

How are profits allocated in an LLC?

A

x

19
Q

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

A

x

20
Q

What is an LLC’s indemnification obligation to members?

A

x

21
Q

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

A

x

22
Q

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

A

xx

23
Q

What actions can a member take against the LLC?

A

x

24
Q

Can a member assign their interest in an LLC?

A

x

25
Q

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

A

x

26
Q

When does an LLC dissociate?

A

xx

27
Q

What events cause LLC dissolution?

A

x

28
Q

When can LLCs dissolve by judicial dissolution?

A

x

29
Q

When may an LLC be administratively dissolved?

A

x

30
Q

What is the effect of an LLC dissolution?

A

xx

31
Q

Can a claim be asserted against a dissolved LLC?

A

x

Agency and Partnership (4 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2024 Bold Learning Solutions. Terms and Conditions