Limited Liability Companies (LLC) Flashcards
1
Q
A limited Liability Company
A
1) Provides for limited liability to it’s Members and has
2) Limited duration of existence
2
Q
Death or withdrawal of a member
A
causes the LLC to dissolve unless the remaining members want to continue the business
3
Q
A LLC can be taxed
A
similar to a partnership if chosen to do so
4
Q
Provisions for an LLC say that
A
they exist for 30 years at most and dissolve if a member dies
5
Q
Owners and Managers of a LLC
A
owe a duty of due care and a duty of Loyalty
6
Q
The Interest of Members
A
are not freely transferable. Other partners must agree to admit new members
