Reference no: EM13968947
All of the following are rights held by an individual member of an LLC, except:
a. The right to request that the LLC be dissolved.
b. Access to the LLC’s books and records.
c. The right to vote against an amendment to the LLC’s operating agreement.
d. The right to sell one’s interest in the LLC without notifying or consulting the other members of the LLC.
Which of the following is recognized as a disadvantage to doing business as an LLC?
a. Existing court decisions addressing LLC issues and formation are relatively undeveloped, which may lead to legal uncertainty when making business decisions.
b. Individual members of the LLC can never bind the LLC in a valid and enforceable contract.
c. Compared to other business entities, the LLC is taxed more heavily by the IRS.
d. An LLC requires the participation of several owners, which can sometimes complicate day-to-day business decisions.
Which of the following is a quality that an LLC shares with a corporation?
a. Members are only personally liable for debts to the extent of the money they put into the business.
b. Members of an LLC usually have little to no control in major business decisions.
c. An LLC and a corporation are treated identically for tax purposes.
d. Both an LLC and a corporation require complex and costly procedures and filings before they can legally do business.
Which of the following usually provides an investor the least protection from personal liability for the debts of the business?
a. General Partnership
b. Limited Partnership
c. LLC
d. Corporation
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