Question 1

Dan is a member of eLearning Courses LLC.As a member,Dan is​

Accepted Answer

A)  a client.
B)  a promoter.
C)  an owner.
D)  a user.E) A) and C)
F) A) and D)

Question 2

When a limited liability company is dissolved,any member,including those who wrongfully dissociated,may participate in the winding up process.

Accepted Answer

A) True 
 B)False

Question 3

In many states,an operating agreement is required for a limited liability company to exist.

Accepted Answer

A) True 
 B)False

Question 4

Michel is a citizen of France.With respect to a limited liability company in the United States,Michel can​

Accepted Answer

A)  act as a creditor,but cannot otherwise invest or participate.
B)  become a member.
C)  not become a member,but can participate in its operations.
D)  not become a member or otherwise participate in its operations.E) B) and C)
F) A) and D)

Question 5

Limited liability company operating agreements can provide whether formal members' meetings will be held.

Accepted Answer

A) True 
 B)False

Question 6

In a limited liability company,the management may consist of members or nonmembers,but not both.

Accepted Answer

A) True 
 B)False

Question 7

The members of a limited liability company have unlimited liability for any loss or injury caused by the wrongful acts or omissions of the firm.

Accepted Answer

A) True 
 B)False

Question 8

Fact Pattern 17-1
Brad is a general partner,and Carlos and Dora are limited partners,in Eastside Physicians,a medical clinic and limited partnership.
-Refer to Fact Pattern 17-1.Eastside is dissolved and its assets are collected,liquidated,and distributed.This results in​

Accepted Answer

A)  nothing with respect to Eastside's existence.
B)  the maturity of Eastside's debts.
C)  the suspension of Eastside's business.
D)  the termination of Eastside's legal existence.E) A) and B)
F) A) and C)

Question 9

A limited liability limited partnership is a type of limited partnership.

Accepted Answer

A) True 
 B)False

Question 10

Hillside Vineyards is a family limited liability partnership.All of the partners must be

Accepted Answer

A)  natural persons only.
B)  natural persons or persons acting as fiduciaries for natural persons.
C)  persons acting as fiduciaries for natural persons only.
D)  related.E) A) and C)
F) All of the above

Question 11

Orlando is a limited partner in Port of Call Exports,a limited partnership.By participating in the firm's management,Orlando is liable for its obligations

Accepted Answer

A)  in proportion to the number of partners in the firm.
B)  to no extent.
C)  to the extent of his capital contribution to the firm.
D)  to the full extent.E) A) and C)
F) None of the above

Question 12

The death of a limited partner dissolves a limited partnership.

Accepted Answer

A) True 
 B)False

Question 13

In a limited liability limited partnership,a general partner has the same liability as a limited partner in a limited partnership.

Accepted Answer

A) True 
 B)False

Question 14

Fact Pattern 17-1
Brad is a general partner,and Carlos and Dora are limited partners,in Eastside Physicians,a medical clinic and limited partnership.
-Refer to Fact Pattern 17-1.Brad's dissociation from the firm results in​

Accepted Answer

A)  nothing with respect to Eastside's existence.
B)  the maturity of Eastside's debts.
C)  the suspension of Eastside's business.
D)  the termination of Eastside's legal existence.E) B) and D)
F) B) and C) D

Question 15

Cliff is a member of Dental Clinic,LLC.Cliff can participate in the firm's management to​

Accepted Answer

A)  the extent that he assumes liability for the firm's debts.
B)  the extent of his investment in the firm.
C)  any extent.
D)  no extent.E) B) and C)
F) A) and C)

Question 16

Members of a limited liability company can stipulate in their operating agreement how voting rights will be apportioned.

Accepted Answer

A) True 
 B)False  True

Question 17

Generally,if a member dissociates form a limited liability company (LLC),the other members cannot continue to carry on the LLC's business.

Accepted Answer

A) True 
 B)False

Question 18

Gizelle,Haya,and Ivy do business as Janitorial Services,Limited Partnership.After Gizelle's relationship to the firm ends,Haya and Ivy agree not to continue the business.This is​

Accepted Answer

A)  dissociation.
B)  dissolution.
C)  gross negligence.
D)  simple misconduct.E) All of the above
F) A) and B) B

Question 19

Nature's Power,L.P. ,is a limited partnership dedicated to the research and development of renewable sources of energy.Nature's Power has $100,000 in declared but unpaid profits.Its creditors include Omni Credit Corporation for $5,000 and Pinto,one of Nature's Power's limited partners,also for $5,000.When Quint,one of Nature's Power's general partners,decides to retire,the other general partners vote to liquidate and dissolve the firm.The limited partners,who are not asked their opinions,want Nature's Power to continue in business and file a suit against the general partners to compel this result.Can the court order the firm to continue? If not,what is the priority of the distribution of its assets on dissolution?

Accepted Answer

A court cannot order a partnership to co...

Question 20

Western Rodeo LLC is a limited liability company (LLC) .Like other LLCs,for federal jurisdictional purposes,Western Rodeo is most likely a citizen of​

Accepted Answer

A)  all states.
B)  every state of which its members are citizens.
C)  any state in which it does business.
D)  no state-an LLC is not a "citizen."E) B) and D)
F) A) and D)

Exam 17: Limited Liability Business Forms

Dan is a member of eLearning Courses LLC.As a member,Dan is

Correct Answer
verified

When a limited liability company is dissolved,any member,including those who wrongfully dissociated,may participate in the winding up process.

Correct Answer
verified

In many states,an operating agreement is required for a limited liability company to exist.

Correct Answer
verified

Michel is a citizen of France.With respect to a limited liability company in the United States,Michel can

Correct Answer
verified

Limited liability company operating agreements can provide whether formal members' meetings will be held.

Correct Answer
verified

In a limited liability company,the management may consist of members or nonmembers,but not both.

Correct Answer
verified

The members of a limited liability company have unlimited liability for any loss or injury caused by the wrongful acts or omissions of the firm.

Correct Answer
verified

Fact Pattern 17-1 Brad is a general partner,and Carlos and Dora are limited partners,in Eastside Physicians,a medical clinic and limited partnership. -Refer to Fact Pattern 17-1.Eastside is dissolved and its assets are collected,liquidated,and distributed.This results in

Correct Answer
verified

A limited liability limited partnership is a type of limited partnership.

Correct Answer
verified

Hillside Vineyards is a family limited liability partnership.All of the partners must be

Correct Answer
verified

Orlando is a limited partner in Port of Call Exports,a limited partnership.By participating in the firm's management,Orlando is liable for its obligations

Correct Answer
verified

The death of a limited partner dissolves a limited partnership.

Correct Answer
verified

In a limited liability limited partnership,a general partner has the same liability as a limited partner in a limited partnership.

Correct Answer
verified

Fact Pattern 17-1 Brad is a general partner,and Carlos and Dora are limited partners,in Eastside Physicians,a medical clinic and limited partnership. -Refer to Fact Pattern 17-1.Brad's dissociation from the firm results in

Correct Answer
verified
D

Cliff is a member of Dental Clinic,LLC.Cliff can participate in the firm's management to

Correct Answer
verified

Members of a limited liability company can stipulate in their operating agreement how voting rights will be apportioned.

Correct Answer
verified
True

Generally,if a member dissociates form a limited liability company (LLC),the other members cannot continue to carry on the LLC's business.

Correct Answer
verified

Gizelle,Haya,and Ivy do business as Janitorial Services,Limited Partnership.After Gizelle's relationship to the firm ends,Haya and Ivy agree not to continue the business.This is

Correct Answer
verified
B

Correct Answer
verified
A court cannot order a partnership to co...
View Answer

Western Rodeo LLC is a limited liability company (LLC) .Like other LLCs,for federal jurisdictional purposes,Western Rodeo is most likely a citizen of

Correct Answer
verified

Exam 17: Limited Liability Business Forms

Dan is a member of eLearning Courses LLC.As a member,Dan is​

Correct AnswerverifiedShow Answer

When a limited liability company is dissolved,any member,including those who wrongfully dissociated,may participate in the winding up process.

Correct AnswerverifiedShow Answer

In many states,an operating agreement is required for a limited liability company to exist.

Correct AnswerverifiedShow Answer

Michel is a citizen of France.With respect to a limited liability company in the United States,Michel can​

Correct AnswerverifiedShow Answer

Limited liability company operating agreements can provide whether formal members' meetings will be held.

Correct AnswerverifiedShow Answer

In a limited liability company,the management may consist of members or nonmembers,but not both.

Correct AnswerverifiedShow Answer

The members of a limited liability company have unlimited liability for any loss or injury caused by the wrongful acts or omissions of the firm.

Correct AnswerverifiedShow Answer

Fact Pattern 17-1 Brad is a general partner,and Carlos and Dora are limited partners,in Eastside Physicians,a medical clinic and limited partnership. -Refer to Fact Pattern 17-1.Eastside is dissolved and its assets are collected,liquidated,and distributed.This results in​

Correct AnswerverifiedShow Answer

A limited liability limited partnership is a type of limited partnership.

Correct AnswerverifiedShow Answer

Hillside Vineyards is a family limited liability partnership.All of the partners must be

Correct AnswerverifiedShow Answer

Orlando is a limited partner in Port of Call Exports,a limited partnership.By participating in the firm's management,Orlando is liable for its obligations

Correct AnswerverifiedShow Answer

The death of a limited partner dissolves a limited partnership.

Correct AnswerverifiedShow Answer

In a limited liability limited partnership,a general partner has the same liability as a limited partner in a limited partnership.

Correct AnswerverifiedShow Answer

Fact Pattern 17-1 Brad is a general partner,and Carlos and Dora are limited partners,in Eastside Physicians,a medical clinic and limited partnership. -Refer to Fact Pattern 17-1.Brad's dissociation from the firm results in​

Correct AnswerverifiedD

Cliff is a member of Dental Clinic,LLC.Cliff can participate in the firm's management to​

Correct AnswerverifiedShow Answer

Members of a limited liability company can stipulate in their operating agreement how voting rights will be apportioned.

Correct AnswerverifiedTrue

Generally,if a member dissociates form a limited liability company (LLC),the other members cannot continue to carry on the LLC's business.

Correct AnswerverifiedShow Answer

Gizelle,Haya,and Ivy do business as Janitorial Services,Limited Partnership.After Gizelle's relationship to the firm ends,Haya and Ivy agree not to continue the business.This is​

Correct AnswerverifiedB

Correct AnswerverifiedA court cannot order a partnership to co...View AnswerShow Answer

Western Rodeo LLC is a limited liability company (LLC) .Like other LLCs,for federal jurisdictional purposes,Western Rodeo is most likely a citizen of​

Correct AnswerverifiedShow Answer

Dan is a member of eLearning Courses LLC.As a member,Dan is

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Michel is a citizen of France.With respect to a limited liability company in the United States,Michel can

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Fact Pattern 17-1 Brad is a general partner,and Carlos and Dora are limited partners,in Eastside Physicians,a medical clinic and limited partnership. -Refer to Fact Pattern 17-1.Eastside is dissolved and its assets are collected,liquidated,and distributed.This results in

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Fact Pattern 17-1 Brad is a general partner,and Carlos and Dora are limited partners,in Eastside Physicians,a medical clinic and limited partnership. -Refer to Fact Pattern 17-1.Brad's dissociation from the firm results in

Correct Answer
verified
D

Cliff is a member of Dental Clinic,LLC.Cliff can participate in the firm's management to

Correct Answer
verified

Correct Answer
verified
True

Correct Answer
verified

Gizelle,Haya,and Ivy do business as Janitorial Services,Limited Partnership.After Gizelle's relationship to the firm ends,Haya and Ivy agree not to continue the business.This is

Correct Answer
verified
B

Correct Answer
verified
A court cannot order a partnership to co...
View Answer

Western Rodeo LLC is a limited liability company (LLC) .Like other LLCs,for federal jurisdictional purposes,Western Rodeo is most likely a citizen of

Correct Answer
verified