Use the 2006 ULLCA (last amended 2013) or this text to answer the following questions. 

 

2. Jackson Real Estate Enterprises is a very large real estate company in Texas with four separate divisions, each of which has its own line of business. The company wishes to ensure that each division remains liable to its own liabilities and assets. What type of LLC might it form? Why?
4. Meridian LLC is engaged in defense consulting services. It has ten members, five of whom contributed $10,000, and five of whom contributed $20,000. The operating agreement is silent on division of profits, management of the entity, and admission of new members.

2. How will profits of $1 million be divided?
4. How will the entity be managed?
6. How will new members be admitted?

3. An LLC's operating agreement states that the LLC will terminate on December 31, 2027. In year 2022, Zach gives notice of his intent to withdraw from the LLC. May Zach withdraw? Of what effect is Zach's notice on the LLC?

4. An LLC failed to file its annual report with its state's secretary of state.

2. Discuss the effect this failure might have on the LLC.
4. Is there any remedy the LLC can pursue? Discuss.

Answer rating: 100% (QA)

1 Jackson Real Estate Enterprises might opt to form a Series LLC under the 2006 ULLCA last amended 2... View the full answer