An LLC an have

Select one:

a. at least three members - to break a tie vote.

b. either one member or several members.

c. one member.

d. more than one member.

Courts will pierce the LLC veil and hold member personally liable for business debt if

Select one:

a. members commingle personal and business funds.

b. members treat the LLC like a partnership.

c. all are reasons to pierce the LLC veil.

d. members fail to follow the formalities.

e. members fail to file annual paperwork.

Which of the following is not a characteristic of a limited liability company?

Select one:

a.
Owners can manage the business.

b.
It has the tx advantages of a partnership.

c.
Owners' liability is lmited to their capital contribution.

d.
Instantaneous start-up with no paperwork.

Which of the following is true?

Select one:

a. An LLC is a taxable entity.

b. An LLC can only do business in one state.

c. An LLC is a legal entity.

Which of the following is true?

Select one:

a. Winding up the business involves collecting, liquidating, and distributing the LLC's assets.

b. When an LLC dissolves, and after assets are liquidated, capital contributions are returned first.

c. Even if a member wrongfully dissociates, she may participate in the winding up of the business.

An LLC must have

Select one:

a. Nothing - no agreement is required.

b. Bylaws.

c. A Partnership Agreement.

d. An Operating Agreement.

Most LLCs are taxed

Select one:

a. as a pass-through tax entitty.

b. as a taxable entity.