BUL 5810 - LATEST
UNINCORPORATED
BUSINESS
ASSOCIATIONS
A __________ is a partnership in which the liability of the general
partners has been limited to the same extent as in a limited liability
partnership. - ANSWERS-limited liability limited partnership
Daniel is a general partner in a real estate investment firm. Hank and
Barry are limited partners. Daniel, without the consent or ratification of
Hank and Barry, can: - ANSWERS-act as an agent of the partnership
Under the RULPA, if Jack contributed $1000 as a limited partner and
signed a certificate, but the certificate was filed in the wrong office,
Jack: - ANSWERS-will not be liable as a general partner if he quickly
withdraws from the business and renounces future profits
Jill is a member of ABC LLC, and Sam is the manager. Which of the
following aspects do they share in common? - ANSWERS-Liability
Robert and Keith want to form a business entity with equal control and
limited liability. They should form a: - ANSWERS-Limited Liability
Company
END OF
PAGE
1
, BUL 5810 - LATEST
UNINCORPORATED
BUSINESS
ASSOCIATIONS
Jerry, Beaux and Nate want to form a business organization for their
new accounting firm, and want to shield innocent owners from
malpractice liability generated from other owners in the firm. Which
type of entity should they form? - ANSWERS-Limited Liability
Partnership
Sue and Jesse formed a limited liability company, which sells
electronics. Which of the following proposals may Sue and Jesse vote on
related to the limited liability company? (3) - ANSWERS-1. Adopt of
amend the operating agreement
2. Sell all or substantially all of the LLC's assets prior to dissolution
3. Merge the LLC with another LLC
Cindy and Ashley want to form a business entity that is a non-corporate
business that limits liability for its owners, and allows for Cindy and
Ashley to participate in the management of the company. Which
business form should Cindy and Ashley adopt? - ANSWERS-Limited
Liability Company
END OF
PAGE
2
, BUL 5810 - LATEST
UNINCORPORATED
BUSINESS
ASSOCIATIONS
Dale and Wayne have a limited partnership. Dale and Wayne agree to
allow Salim serve as a limited partner in the limited partnership, on the
condition that he provide a contribution to the limited partnership. What
may Salim use to fulfill this contribution requirement? - ANSWERS-
Cash
Services rendered
Property
Brody and Kris were the only member-managers of Computers4U, LLC.
Computers4U, LLC is dissolving, and Brody and Kris wish to extinguish
the company. Which of the following is not a step to extinguishing an
LLC?
- dissolution
- termination
- winding up or liquidation
- filing a certificate of extinguishment with the state LLC office -
ANSWERS-Filing a certificate of extinguishment with the state LLC
office
END OF
PAGE
3
UNINCORPORATED
BUSINESS
ASSOCIATIONS
A __________ is a partnership in which the liability of the general
partners has been limited to the same extent as in a limited liability
partnership. - ANSWERS-limited liability limited partnership
Daniel is a general partner in a real estate investment firm. Hank and
Barry are limited partners. Daniel, without the consent or ratification of
Hank and Barry, can: - ANSWERS-act as an agent of the partnership
Under the RULPA, if Jack contributed $1000 as a limited partner and
signed a certificate, but the certificate was filed in the wrong office,
Jack: - ANSWERS-will not be liable as a general partner if he quickly
withdraws from the business and renounces future profits
Jill is a member of ABC LLC, and Sam is the manager. Which of the
following aspects do they share in common? - ANSWERS-Liability
Robert and Keith want to form a business entity with equal control and
limited liability. They should form a: - ANSWERS-Limited Liability
Company
END OF
PAGE
1
, BUL 5810 - LATEST
UNINCORPORATED
BUSINESS
ASSOCIATIONS
Jerry, Beaux and Nate want to form a business organization for their
new accounting firm, and want to shield innocent owners from
malpractice liability generated from other owners in the firm. Which
type of entity should they form? - ANSWERS-Limited Liability
Partnership
Sue and Jesse formed a limited liability company, which sells
electronics. Which of the following proposals may Sue and Jesse vote on
related to the limited liability company? (3) - ANSWERS-1. Adopt of
amend the operating agreement
2. Sell all or substantially all of the LLC's assets prior to dissolution
3. Merge the LLC with another LLC
Cindy and Ashley want to form a business entity that is a non-corporate
business that limits liability for its owners, and allows for Cindy and
Ashley to participate in the management of the company. Which
business form should Cindy and Ashley adopt? - ANSWERS-Limited
Liability Company
END OF
PAGE
2
, BUL 5810 - LATEST
UNINCORPORATED
BUSINESS
ASSOCIATIONS
Dale and Wayne have a limited partnership. Dale and Wayne agree to
allow Salim serve as a limited partner in the limited partnership, on the
condition that he provide a contribution to the limited partnership. What
may Salim use to fulfill this contribution requirement? - ANSWERS-
Cash
Services rendered
Property
Brody and Kris were the only member-managers of Computers4U, LLC.
Computers4U, LLC is dissolving, and Brody and Kris wish to extinguish
the company. Which of the following is not a step to extinguishing an
LLC?
- dissolution
- termination
- winding up or liquidation
- filing a certificate of extinguishment with the state LLC office -
ANSWERS-Filing a certificate of extinguishment with the state LLC
office
END OF
PAGE
3
