Chapter 17 Quiz

Limited liability companies are entities apart from their owners.

True

Members of limited liability companies are shielded from personal liability in many situations.

True

Bee Hive Honey, LLC's members include Chad, Dolores, and others. For purposes of suing and being sued, Bee Hive Honey is

A legal entity apart from the owners

In a limited partnership, a limited partner has full responsibility for the partnership and for all its debts.

False

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

Natural person or persons acting as fiduciaries for natural persons

Nikki and Orlando are limited partners in Port City Exports, a limited partnership. To avoid personal liability for partnership obligations, they must not

Participate in the firms management

Arnie is a member of Bowling & Billiards, LLC, a limited liability company. Arnie can participate in the firm's management

To any extent

Buckley is a general partner in Cut-Rate Shipping, LLLP, a limited liability limited partnership, which cannot pay its debts. Buckley is personally liable for the debts

To no extent

A limited liability company can be held liable for any loss or injury caused by the wrongful acts or omissions of its members.

True

A limited liability company can be taxed as a partnership.

True