The limited liability company

Ace your homework & exams now with Quizwiz!

The llc form of business organization

Allows flexible management structure

The owners llc

Are called members

An llc may be organized

By one or more persons

A limited liability company

Is an unincorporated business entity that combines most favorable aspects of general partnerships limited partnerships amd corporations

The name must contains words

Llc

Llc are creatures

Of state statues and therefore certain formalities must be taken and statutory requirements

In a manager managed llc

The members designate a manager or managers to manage tllc and by doing so they delegate their management right to manager or managers and members no longer have the right to manage the llc

In a member managed llc

The members have the right to manage the llc

An llc will be considered member management

Unless it is designated as a manager managed llc in its articles of organization

Existence of the llc

When the articles of organization are filed


Related study sets

Lippincott the child with dermatologic health problems

View Set

psychology 200 - early childhood

View Set

Scout Rank Requirements Study Cards

View Set

logistics exam 2 end of ch. questions

View Set

Exam FX Life Policy Riders, Provisions, Options, and Exclusions

View Set

A&P LAB MIDTERM/FINAL mastering&PPTquestions

View Set

Policy Provisions, Options and Riders

View Set