Business Law Test 3 Ch 20 Set 6

Front 1

the LLC is more of an -------------- form of business organization than an entity such as a corporation

Back 1

aggregate

Front 2

owners of a liability are called ---------------- and provides them limited liability because they can only lose their ------- ---------

Back 2

members, capital contributions

Front 3

An LLC provides ---------------------- similar to a partner ship in that tax liability is assessed only at the member's level of income and not at the business level.

Back 3

flow through tax treatment

Front 4

An LLC is formed through the filing of a document called the -------- -- ------, which is filed with a centralized stage agency. The name of the business formed must contain limited liability company or LLC in it.

Back 4

articles of organization

Front 5

who contributes capital in an LLC?

Back 5

members

Front 6

Operating Agreement—specifies voting rights
One member or an outside consultant can have operating authority delegated to him or her

Back 6

management and control of an LLC

Front 7

Interest can be transferred
Transferee does not become a member unless majority of remaining members approve

Back 7

transfer of interest in a llc

Front 8

a partnership with unique statutory protection for all its members.

Back 8

limited liability partnership (LLP)

Front 9

the name of the LLP (must include LLP or Reg LLP)
the name of the registered agent
the address
the number of partners
a description of business

Back 9

requirements for llp registration

Front 10

what are sources of funding for an LLP

Back 10

Partners make capital contributions

Front 11

T/F partners of an LLP are shielded from liability for the negligence, wrongful acts, or misconduct of their partners.

Back 11

True

Front 12

All LLP income is a --------- -------- to partners

Back 12

flow through

Front 13

Partners of an LLP can manage without risking personal liability exposure because the LLP is identified as such and -------------------

Back 13

registered with the state.

Front 14

LLP's are generally governed in terms of transferability by the same principles of transfer for ---------------. transfer is restricted

Back 14

limited partnerships

Front 15

Dissolution and Termination of LLP are Similar to -------------------. notification to state is required

Back 15

Limited Partnership

Front 16

a partnership of existing businesses for a limited time or a limited purpose between two countries.

Back 16

joint venture