Eller, Fort and Owens are members of Venture Associates, LLC. Trent Corp. brought a breach of contract suit against Venture for a contract executed by Eller as an agent of the LLC. If Trent prevails, Trent will generally be able to collect the judgment from:
Answer(s): A
Choice "a" is correct.Rule: Members of an LLC are not personally liable for the LLC's obligations. Moreover, an agent is not liable on a contract the agent enters into on behalf of a disclosed principal. Here, the contract was entered into by Eller on behalf of Venture, an LLC, and Eller disclosed that he was acting only as an agent of Venture. Thus, Trent Corp. can collect from the LLC'S assets only. Choices "b", "c", and "d" are incorrect, per the above rule.
Tim, Peter, and Rick want to form a limited liability company. What document must they file with the state?
Answer(s): D
Choice "d" is correct. The Articles of Organization must be filed with the secretary of state. Choice "a" is incorrect. An operating agreement is an agreement between the members containing provisions relating to management, profit sharing, transferring interests, etC. and does not need to be filed with the state.Choices "b" and "c" are incorrect. Articles of incorporation and bylaws are documents relating to corporations, and they are not required to be filed with the state.
The articles of organization for a limited liability company must contain everything, except the following:
Answer(s): C
Choice "c" is correct. Limited liability companies do not issue "shares" held by shareholders like in a corporation. Instead, members (the owners) are said to have "interests" in the LLC. Choices "a", "b", and "d" are incorrect. These are all required to be included in the articles of organization.
Unless there is an agreement to the contrary, the voting power of members in a limited liability company is determined by:
Choice "d" is correct.Rule: Absent an agreement otherwise, all members generally participate in management, and their voting strength is determined in proportion to ownership interest. This is calculated by comparing each member's capital contribution to that of the other members. Choices "a", "b", and "c" are incorrect, per the above rule.
Heather, Erika, and Shelby are members in HES LLC. Heather works 40 hours per week and Erika and Shelby work 20 hours per week. Heather contributed $30,000 to the LLC and Erika and Shelby contributed $60,000 each. Erika and Shelby have each originated 45% of the LLC's business and Heather has originated the other 10%. Absent an agreement to the contrary among the owners, who controls the management of the HES LLC?
Choice "c" is correct.Rule: Absent an agreement to the contrary, the members' voting strength is proportionate to their contributions.Choices "a", "b", and "d" are incorrect, per the above rule.
Heather, Erika, and Shelby are members in HES LLC. Heather dies. Absent an agreement to the contrary, what is the result?
Choice "c" is correct. Absent an agreement to the contrary, if a member of an LLC dies, the LLC is dissolved unless the other members consent to continue.Choice "a" is incorrect, because the LLC does not have to dissolve upon the death of a member. Choice "b" is incorrect, because the LLC does not cease to exist immediately. Choice "d" is incorrect, because the LLC does not continue unless the members consent to continue.
Heather, Erika, and Shelby are members in HES LLC. Heather works 40 hours per week and Erika and Shelby work 20 hours per week. Heather contributed $30,000 to the LLC and Erika and Shelby contributed $60,000 each. Erika and Shelby have each originated 45% of the LLC's business and Heather has originated the other 10%. Absent an agreement to the contrary, how will the LLC's $120,000 profits be divided among the members?
Rule: Absent an agreement to the contrary, the LLC's profits will be divided among the members in proportion to their contributions. Here, Heather's, Erika's and Shelby's contributions were $30,000, $60,000, and $60,000, respectively. Thus, the profits will be divided in a 1:2:2 ratio (20% of $120,000 to Heather; 40% of $120,000 to Erika; and $120,000 to Shelby).Choice "d" is correct.Heather Erika ShelbyD. $24,000 $48,000 $48,000Choices "a", "b", and "c" are incorrect, per the above rule.
A member of a limited liability company may generally do all of the following, except:
Choice "a" is correct. The transfer of a member interest requires the consent of the other members. Members may not assign their interest without the other members' consent. Choice "b" is incorrect. Unless the members have agreed to operate as a manager managed limited liability company, all members have the power to participate in management. Choice "c" is incorrect. Members in a limited liability company all have limited personal liability. Choice "d" is incorrect. Unless otherwise agreed, members have the right to manage the every day operations of a limited liability company. This can include the ordering of office supplies.
Share your comments for AICPA CPA Business Environment and Concepts exam with other users:
good content
pdb and cdb are critical to the database
till 104 questions are free, lets see how it helps me in my exam today.
question # 56, answer is true not false.
i would be requiring dumps to prepare for certification exam
very helpful
control file is the heart of rman backup
hi could you please upload the ibm c2090-543 dumps
appriciate if you could upload this again
please upload the dump
i found some questions answers mismatch with explanation answers. please properly update
nothing to mention
knowable questions
very helpfull
good questions
its helpful
i just took my oracle exam and let me tell you, this exam dumps was a lifesaver! without them, iam not sure i would have passed. the questions were tricky and the answers were obscure, but the exam dumps had everything i needed. i would recommend to anyone looking to pass their oracle exams with flying colors (and a little bit of cheating) lol.
22. if you need to make sure that one computer in your hot-spot network can access the internet without hot-spot authentication, which menu allows you to do this? answer is ip binding and not wall garden. wall garden allows specified websites to be accessed with users authentication to the hotspot
is question 1 correct?
manged to pass the exam with this exam dumps.
can we please have the latest exam questions?
please help with jn0-649 latest dumps
please i need this dump. thanks
i have to take the aws certified developer - associate dva-c02 in the next few weeks and i wanted to know if the questions on your website are the same as the official exam.
all questions are more important
ques 4 answer should be c ie automatically recover from failure
very very useful page
the exams are giving me an eye opener
3rd so far, need to cover more
aligns with the pecd notes
question 4: b securityadmin is the correct answer. https://docs.snowflake.com/en/user-guide/security-access-control-overview#access-control-framework
kindly please share dumps