Question: Explain how an LLC can be managed. Explain the duty of loyalty to the different management options. How do LLC members share in profits? If

Explain how an LLC can be managed. Explain the duty of loyalty to the different management options.

How do LLC members share in profits? If they want to change the default way of sharing in profits, what document would they need to create?

Step by Step Solution

★★★★★

3.47 Rating (154 Votes )

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock

An LLC Limited Liability Company can be managed in a few different ways and the duty of loyalty varies depending on the chosen management structure 1 ... View full answer

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Students Have Also Explored These Related General Management Questions!

Planning is one of the most important management functions in any business. A front office managers first step in planning should involve determine the departments goals. Planning also includes...

Googles ease of use and superior search results have propelled the search engine to its num- ber one status, ousting the early dominance of competitors such as WebCrawler and Infos- eek. Even later...

Read the following article and answer the questions below: Building Competitive Advantage Through People Magazine: Winter 2002Research Feature January 15, 2002 Reading Time: 23 min Christopher A....

Do the reading assignment and then look up KRS 275.520 and read its text.Then answer the questions below. Fully explain your answers: 1.What is the taxation advantage of a LLC as opposed to a...

I need a well written student case brief including the following: Facts: statement of the facts of the case General Analysis: the legal principles used to decide the case, including the Issue and...

What is the business model of Craigslist? In this circumstance, what is the appropriate legal rule? Who are Craiglist's stakeholders and what are their role and responsibilities? For the exclusive...

DAVID DOESN'T DELEGATE Overcoming an Individual's Immunity to Change AS ANY EXPERIENCED MANAGER will tell us, being an effective delegator is crucial to using everyone's time, skills, and knowledge...

Assignment Questions -Many municipalities and public agencies ask developers to include diversity and inclusion plans in their construction bids. What is unique about Massports approach? -Who...

MOVING MOUNTAINS AT MARKS & SPENCER This case was prepared by Martin Christopher and Helen Peck of Cranfield School of Management, Cranfield University Bedford, United Kingdom. ABSTRACT Marks &...

512 CHAPTER 16 Organizational Culture Like every major CEO, Burns is a millionaire. Yet she still shops for groceries. She drives herself to work. She cleans her own house. \"Where you are is not who...

Suppose that the owner of the restaurant in Problem 2.81 also wanted to study the demand for dessert during the same time period. She decided that in addition to studying whether a dessert was...

A company's statement of comprehensive income for the year to 31st December 2020 is shown below. The company's statement of financial position as at that date (with comparative figures for 2019) is...

Doore Machinery manufactures cannery processing machines. Mid - South Wholesale purchased a canning machine from Doore for $ 2 , 0 5 0 , 0 0 0 and leased it to Pernicious Pineapples, on January 1 , 2...

Four independent situations follow: 1. On March 1, 2014, Wilkie Inc. issued $4 million of 9% bonds at 103 plus accrued interest. The bonds are dated January 1, 2014, and pay interest semi-annually on...

Manufacturing produces a component used in its production of washing machines. The time to set up and produce a batch of the components is two days. The average daily usage is 800 components, and the...

Morrison Manufacturing produces casings for sewing machines: large and small. To produce the different casings, equipment must be set up. The setup cost per production run is $18,000 for either...

Melchar Company uses 78,125 pounds of oats each year. The cost of placing an order is $18, and the carrying cost for one pound of oats is $0.45. Required: 1. Compute the economic order quantity for...

Refer to the data in Table 2.12. a. Prepare a crosstabulation of the data on Fund Type (rows) and the Expense Ratio (%) (Columns). Use classes of .25.49, .50.74, .75.99, 1.001.24, and 1.251.49 for...

1 of 13Which stimuli might be members of the same stimulus class? blue bat, blue airplane, blue box a stop sign, a policeman with hand out and palm facing a car, a flashing red traffic light a...

On Your Own has two major divisions, Internet Sales and Direct Sales. It uses the work done by Computing and Development in the following ways. Please assign the costs of the supporting departments...

What are the primary features of a sound business case?

CalcOne makes small, solar-charged, 10-key handheld calculators from purchased parts. It is a manual operation consisting of three stages. Materials cost $1.25. Several back office employees handle...

In medical investigations, the ratio is often of more interest than the difference (e.g., individuals given treatment 1 are how many times as likely to recover as those given treatment 2?). Let ....

Using the traditional formula, a 95% CI for is to be constructed based on equal sample sizes from the two populations. For what value of will the resulting interval have a width at most of .1,...

Refer back to the previous exercise. a. By far the most frequently tested null hypothesis when data is paired is . Is that a sensible hypothesis in this context? Explain. b. Carry out a test of...