a. How do you form an LLC?

b. What is the purpose of the "operating agreement?" How is it different than a corporation's Bylaws?

c. Are members liable for the LLC's obligations?

Session 2 - LLC Management

a. Who manages an LLC vs who manages a corporation?

b. Who can enter into contracts on behalf of an LLC?

c. Are "managers" liable for an LLC's debts and obligations?

d. How do fiduciary duties vary if member-managed vs. manager-managed?

Session 3 - LLP

a. What is an LLP?

Session 4 - Choice of Entity

a. Your team wants to form a new business with each team member an owner. Each team member will also be involved in the management and operations of the business.

b. Discuss the following regarding forming business in which you will be working together:

i. What are two or three key legal issues you need to agree upon?

ii. What are two or three key business issues you need to agree upon?

iii. Can you distinguish between a "legal" issue and a "business issue?

Answer rating: 100% (QA)

Session 1 Forming an LLC a To form an LLC you must follow these steps 1 Choose a unique name for your LLC that complies with state requirements 2 Appoint a registered agent who will receive legal docu... View the full answer