1.) Article I of the Operating Agreement contains some basic organizational information for the new entity. If you are wondering if it is OK or necessary to include "LLC" in the name of the new entity, which of the following sections of the Virginia Limited Liability Company Act would be most instructive?

Group of answer choices

Section 13.1-1019

Section 13.1-1023.1

Section 13.1-108.1

Section 13.1-1012

2.) Under Article II of the Operating Agreement, what is the primary difference between someone who is a "Class A" owner versus a "Class B" owner of Alumni, LLC?

Group of answer choices

The Class B Owners have voting rights while the Class A owners receive all the cash distributions

The Class A owners are entitled to twice the amount of distributions as the Class B Owners

The Class A Owners have voting rights, while the Class B Owners do not

There is no difference

3.) Which of the following statements is correct based on the current draft of the Operating Agreement, including Exhibit A?

Group of answer choices

Since Erin contributed $10,000, Erin is entitled to receive 15% of the Company's profits

Since Alexis contributed the most money, Alexis has more voting power than Cara and Dante combined

Barry's Percentage Ownership and Percentage Voting Interests are the same

Even though Erin contributed $10,000, Erin will not have any voting rights

4.) Article VI of the Operating Agreement addresses, among other things, the possibility that one or more investors may want to end their investments in Alumni, LLC in the future. Which of the following statements is most accurate based on Section 6.1 of the Operating Agreement?

Group of answer choices

As the largest owner, Alexis would pay 100% of the cost of an appraisal if Cara resigns

If someone voluntarily resigns, the Company will be required to pay the full amount due in a single payment

In all cases, an independent appraiser will need to be hired if an investor voluntarily resigns

In order to recover the full fair market value of their investment, an investor may need to stay invested for 2 years or more before voluntarily resigning

5.) Which of the following statements is correct if Cara dies?

Group of answer choices

Cara's investment is reallocated to the remaining investors without any payment to Cara's estate

The repayment of Cara's investment will be spread out over 4 years

Cara's estate will be entitled to receive payment from Alumni, LLC in exchange for Cara's ownership interests

If Cara is married, the spouse will automatically have the same ongoing voting and other rights that Cara had