LENB Business Orgs Questions with 100%
Correct Answers
Which of the following is not typically included in a limited liability company's (LLC's) operating
agreement? - ✔️✔️How the integrated franchise agreement is to be terminated
In a member-managed limited liability company (LLC), all members participate in management,
with decisions in the ordinary course of business activities made by a ______ vote. -
✔️✔️majority
The ______ of a limited liability company (LLC) simply entails filing a certificate of authority or a
similar document and getting a business license in each additional state in which the business
plans to operate. - ✔️✔️qualification
When members form a limited liability company (LLC), they typically draft a(n) ______
agreement, which is the foundational contract among the entity's owners. - ✔️✔️operating
In a(n) ______-managed limited liability company (LLC), all members participate in
management. - ✔️✔️member
In a(n) ______-managed limited liability company (LLC), the members select a group of
managers to manage the affairs of the company. - ✔️✔️manager
Which of the following events does not result in the dissolution of a limited liability company
(LLC) under the Uniform Limited Liability Company Act (ULLCA)? - ✔️✔️The passage of 30
consecutive days during which the company has no members
Which of the following is not a specialized form of business organization? - ✔️✔️A corporate
proprietorship
, In a manager-managed limited liability company (LLC), the members select a group of managers
to manage the affairs of the company. The managers may be selected from ______. - ✔️✔️either
the members or nonmembers
Under the Uniform Limited Liability Company Act (ULLCA) and most state limited liability
company (LLC) statutes, a member's voluntary withdrawal from the LLC, referred to as ______,
______ the LLC. - ✔️✔️dissociation; does not terminate
A ______ is a business organization in which members usually pool their resources to gain some
kind of competitive advantage in the market. - ✔️✔️cooperative
A ______ is a partnership agreement in which a firm's members hold transferable shares,
whereas all the goods of the firm are held in the names of the partners. - ✔️✔️joint stock
company
Specialized forms of business organization include all but which of the following? - ✔️✔️S
partnerships
A ______ is an organization formed by individuals to market products. - ✔️✔️cooperative
A joint stock company is a mixture of a(n) ______ and a ______. - ✔️✔️corporation; partnership
A(n) ______ is a person who operates a trust for beneficiaries in a business trust. - ✔️✔️trustee
A business trust is a business organization governed by a group of ______, who operate the
trust for the ______. - ✔️✔️trustees; beneficiaries
A(n) ______ is a business organization governed by a group of trustees. - ✔️✔️business trust
Correct Answers
Which of the following is not typically included in a limited liability company's (LLC's) operating
agreement? - ✔️✔️How the integrated franchise agreement is to be terminated
In a member-managed limited liability company (LLC), all members participate in management,
with decisions in the ordinary course of business activities made by a ______ vote. -
✔️✔️majority
The ______ of a limited liability company (LLC) simply entails filing a certificate of authority or a
similar document and getting a business license in each additional state in which the business
plans to operate. - ✔️✔️qualification
When members form a limited liability company (LLC), they typically draft a(n) ______
agreement, which is the foundational contract among the entity's owners. - ✔️✔️operating
In a(n) ______-managed limited liability company (LLC), all members participate in
management. - ✔️✔️member
In a(n) ______-managed limited liability company (LLC), the members select a group of
managers to manage the affairs of the company. - ✔️✔️manager
Which of the following events does not result in the dissolution of a limited liability company
(LLC) under the Uniform Limited Liability Company Act (ULLCA)? - ✔️✔️The passage of 30
consecutive days during which the company has no members
Which of the following is not a specialized form of business organization? - ✔️✔️A corporate
proprietorship
, In a manager-managed limited liability company (LLC), the members select a group of managers
to manage the affairs of the company. The managers may be selected from ______. - ✔️✔️either
the members or nonmembers
Under the Uniform Limited Liability Company Act (ULLCA) and most state limited liability
company (LLC) statutes, a member's voluntary withdrawal from the LLC, referred to as ______,
______ the LLC. - ✔️✔️dissociation; does not terminate
A ______ is a business organization in which members usually pool their resources to gain some
kind of competitive advantage in the market. - ✔️✔️cooperative
A ______ is a partnership agreement in which a firm's members hold transferable shares,
whereas all the goods of the firm are held in the names of the partners. - ✔️✔️joint stock
company
Specialized forms of business organization include all but which of the following? - ✔️✔️S
partnerships
A ______ is an organization formed by individuals to market products. - ✔️✔️cooperative
A joint stock company is a mixture of a(n) ______ and a ______. - ✔️✔️corporation; partnership
A(n) ______ is a person who operates a trust for beneficiaries in a business trust. - ✔️✔️trustee
A business trust is a business organization governed by a group of ______, who operate the
trust for the ______. - ✔️✔️trustees; beneficiaries
A(n) ______ is a business organization governed by a group of trustees. - ✔️✔️business trust
