blaw ch 17 5-6 t/f
T/F: A limited liability company cannot be taxed as a partnership
false
T/F: A limited liability company is regarded as a citizen of every state
false
T/F: A limited liability company must have an operating agreement
false
T/F: A limited liability company's operating agreement must be in writing
false
T/F: An LLC is managed by a board of directors.
false
T/F: Federal law dictates the requirements for the formation of a limited liability company.
false
T/F: In a limited liability company, members cannot participate in its management
false
T/F: In a limited liability company, members must participate in the management of the company
false
T/F: On a member's wrongful dissociation from a limited liability company, the dissociating member can force the LLC to dissolve.
false
T/F: A limited liability company is a legal entity apart from its owners
true
T/F: A limited liability company is bound by the reasonable acts of its members during the winding up process
true
T/F: A limited liability company limits the personal liability of its members.
true
T/F: A limited liability company offers the limited liability of a corporation.
true
T/F: A limited liability company with at least two members can choose to be taxed as a partnership.
true
T/F: An operating agreement for a limited liability company need not be in writing.
true
T/F: For federal income tax purposes, a limited liability company can choose to be taxed like a corporation
true
T/F: Forming a limited liability company requires filing articles of organization in a state office.
true
T/F: Most limited liability company (LLC) statutes provide that unless the members agree otherwise, all profits of the LLC will be divided equally
true
T/F: The dissociation of a member of a limited liability company in violation of the operating agreement is legally wrongful
true
T/F: To wind up the business, LLC members must collect, liquidate, and distribute the firm's assets.
true
T/F: When a member dissociates, the remaining LLC members may continue the business unless the operating agreement provides otherwise
true
T/F: With respect to state taxes on limited liability companies, most states follow the federal tax rules.
true