term1 Definition1term2 Definition2term3 Definition3
Please sign in to your Google account to access your documents:
Limited liability company (LLC)
An unincorporated business entity that combines the most favorable attributes of general partnerships, limited partnerships, and corporations.
Member
An owner of an LLC. Some states refer to members as shareholders.
Uniform Limited Liability Company Act (ULLCA)
A model act that provides comprehensive and uniform laws for the formation, operation, and dissolution of LLCs.
Revised Uniform Limited Liability Company Act (RULLCA)
A revision of the ULLCA that provide comprehensive and uniform laws for the formation, operation, and dissolution of LLCs.
Articles of organization
The formal documents that must be filed at the Secretary of state's office of the state of organization of an LLC in order to form the LLC.
Operating agreement
A agreement entered into among members that governs the affairs and business of the LLC and the relationships among members, managers, and the LLC.
Certificate of interest
A document that evidences a member's ownership interest in an LLC.
Distributional interest
A member's ownership interest in an LLC that entitles the member to receive distributions of money and property from the LLC.
Limited liability of members of LLCs
The liability of LLC members for the LLCs debts, obligations, and liabilities, which is limited to the extent of their capital contributions. Members of LLCs are not personally liable for the LLC's debts, obligations, and liabilities.
Tortfeasor
A person who intentionally or unintentionally (negligently) caused injury our death to another person. They are liable to persons he or she injures and to the heirs of persons who die because of his or her conduct.
Need help typing ? See our FAQ (opens in new window)
Please sign in to create this set. We'll bring you back here when you are done.
Discard Changes Sign in
Please sign in to add to folders.
Sign in
Don't have an account? Sign Up »
You have created 2 folders. Please upgrade to Cram Premium to create hundreds of folders!