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Exam 31: Other Organizational Forms for Small Businesses

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Question 1

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Dreem Land Corporation and EZ Investments Company transfer their property to Financial Managers,Inc.,which manages the property and distributes the profits to Dreem and EZ.This form of a business organization is

A) a business trust.
B) a joint stock company.
C) a joint venture.
D) a syndicate.

E) All of the above
F) B) and C)

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Question 2

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

A) True
B) False

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Question 3

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Business Enterprise Company agrees to sell a commercial office building and parking garage to City Investments,Inc.,which assigns the rights to the realty to Downtown Properties,LLC.Downtown Properties does not yet exist,but once it is created and comes into existence,the contract on novation will most likely be

Medical Professionals Supply Source is an unincorporated cooperative.Unincorporated cooperatives are often treated like

Limited liability company operating agreements typically contain provisions relating to management.

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

Custom Auto Body & Detailing,LLC,is a limited liability company.Unless indicated otherwise on the Custom Auto's federal tax form,the firm will be taxed as

Limited liability companies are treated as citizens of every state of which their members are citizens.

For federal income tax purposes,one-member limited liability companies are not taxed.

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

Otto is considering forms of business organization for Pro Tree Service,his landscaping firm.Like most states,Otto's state requires that to form a limited liability company,he must file with a central state agency

Coco is considering forms of business organization for her concessions business-Coco's Cakes.Most states require that a limited liability company have

If a limited liability company (LLC)agreement does not cover a topic,the state LLC statute will govern.

Generally,a dissociated member of a limited liability company (LLC)has the right to buy his or her interest in the LLC from the other members.

Commerce & Trade Corporation and Distance Shipping & Transport,Inc.,form a business trust.eCharge Auto Company and Fleet Electric Corporation form a joint stock company.Green AgriCorp and Harvest Farms,Inc.,form an incorporated cooperative.What features do these combinations of business organization have in common

Kalin,Liza,and other consumers form MuniMart Cooperative.This form of business organization makes it possible for these individuals to

The law governing limited liability companies is uniform.

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

The alter-ego theory can be applied to a corporation,but not a limited liability company.

If a member's dissociation from a limited liability company is rightful,normally the dissociated member has the right to force the LLC to dissolve.