Question 1

To form a limited liability company, articles of organization must be filed with the federal Small Business Administration.

Accepted Answer

A) True 
 B)False

Question 2

A limited liability company can be taxed as a corporation.

Accepted Answer

A) True 
 B)False

Question 3

Unless otherwise agreed, joint venturers have an equal voice in controlling a venture-related project.

Accepted Answer

A) True 
 B)False

Question 4

Limited liability companies are entities apart from their owners.

Accepted Answer

A) True 
 B)False

Question 5

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

Accepted Answer

A) True 
 B)False

Question 6

Licensed fishing outfits in Bayou City form a business organization to provide, without profit, an economic service to its members. This is

Accepted Answer

A)   ​a business trust.
B)   ​a cooperative.
C)   ​a corporation.
D)   ​a joint stock company.E) A) and B)
F) B) and D)

Question 7

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?

Accepted Answer

There are differences among these forms ...

Question 8

A syndicate may be organized as a corporation or a partnership, or in some situations as no recognizable form of business organization.

Accepted Answer

A) True 
 B)False

Question 9

Unless a limited liability company indicates otherwise, the Internal Revenue Service automatically taxes it as a partnership.

Accepted Answer

A) True 
 B)False

Question 10

A limited liability company is a citizen of every state of which its members are citizens.

Accepted Answer

A) True 
 B)False

Question 11

Joint venturers do not have the authority as agents to enter into contracts for the business that will bind the joint venture.

Accepted Answer

A) True 
 B)False

Question 12

Like the shareholders of a corporation, the owners of a limited liability company are liable for the obligations of the firm to the full limit.

Accepted Answer

A) True 
 B)False

Exam 38: Limited Liability Companies and Special Business Forms

To form a limited liability company, articles of organization must be filed with the federal Small Business Administration.

Correct Answer
verified

Unless a limited liability company indicates otherwise, the Internal Revenue Service automatically taxes it as a partnership.

Correct Answer
verified

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

Correct Answer
verified

Licensed fishing outfits in Bayou City form a business organization to provide, without profit, an economic service to its members. This is

Correct Answer
verified

A limited liability company is a citizen of every state of which its members are citizens.

Correct Answer
verified

Unless otherwise agreed, joint venturers have an equal voice in controlling a venture-related project.

Correct Answer
verified

Correct Answer
verified
There are differences among these forms ...
View Answer

Like the shareholders of a corporation, the owners of a limited liability company are liable for the obligations of the firm to the full limit.

Correct Answer
verified

Limited liability companies are entities apart from their owners.

Correct Answer
verified

A syndicate may be organized as a corporation or a partnership, or in some situations as no recognizable form of business organization.

Correct Answer
verified

A limited liability company can be taxed as a corporation.

Correct Answer
verified

Joint venturers do not have the authority as agents to enter into contracts for the business that will bind the joint venture.

Correct Answer
verified

Exam 38: Limited Liability Companies and Special Business Forms

To form a limited liability company, articles of organization must be filed with the federal Small Business Administration.

Correct AnswerverifiedShow Answer

Unless a limited liability company indicates otherwise, the Internal Revenue Service automatically taxes it as a partnership.

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

Licensed fishing outfits in Bayou City form a business organization to provide, without profit, an economic service to its members. This is

Correct AnswerverifiedShow Answer

A limited liability company is a citizen of every state of which its members are citizens.

Correct AnswerverifiedShow Answer

Unless otherwise agreed, joint venturers have an equal voice in controlling a venture-related project.

Correct AnswerverifiedShow Answer

Correct AnswerverifiedThere are differences among these forms ...View AnswerShow Answer

Like the shareholders of a corporation, the owners of a limited liability company are liable for the obligations of the firm to the full limit.

Correct AnswerverifiedShow Answer

Limited liability companies are entities apart from their owners.

Correct AnswerverifiedShow Answer

A syndicate may be organized as a corporation or a partnership, or in some situations as no recognizable form of business organization.

Correct AnswerverifiedShow Answer

A limited liability company can be taxed as a corporation.

Correct AnswerverifiedShow Answer

Joint venturers do not have the authority as agents to enter into contracts for the business that will bind the joint venture.

Correct AnswerverifiedShow Answer

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified
There are differences among these forms ...
View Answer

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified