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12 Cards in this Set
- Front
- Back
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LLC's don't use articles of incorporation, but...
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articles of organization
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LLC's don't have shareholders, but...
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members
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LLC's don't have stock, but...
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membership interests
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LLC's don't have bylaws, but...
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an operating agreement
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Does LLC have to be in the company name of an LLC?
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YES!
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List some advantages of forming an LLC
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1. Limited liability- an advantage over partnerships and sole proprietorships.
2. Flexibility - an advantage over all other forms of business organization. |
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List the 5 choices that you have in LLC formation
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1. Limited or perpetual life
2. Member managed or manager managed (must be in articles of organization) 3. Free transferability or limited transferability 4. Profits and losses: Default is loss and profit division based on capital contribution but may be changed by agreement. MO is the same until capital contribution is recouped, then it is equal. 5. Partnership or corporate taxation (partnership is default) |
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Joint venture
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1. Defined: Two or more persons engaged in a single business transaction or single series of transactions.
2. Duties, control and taxation similar to partnerships |
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Syndicate
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An investment group used to finance a business acquisition or transaction
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Joint stock company
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A corporation by agreement which has all of the characteristics of a corporation except the most important: limited liability
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Business trust
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A form of business where the assets of a business owner are transferred to a trustee, who then manages the business on behalf of the beneficiaries
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Cooperative
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A nonprofit association or corporation designed to give economic benefit to its members.
For Example - agricultural coop, electric coop, food coop All members can be liable in an unincorporated coop! |
