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Exam 28: Limited Liability Companies Special Business Forms

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Question 1

Multiple Choice

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Buyers Club is an incorporated cooperative.Like other incorporated cooperatives,Buyers Club distributes profits to its owners on the basis of

A) the amount of capital they contribute.
B) the degree to which they participate in management.
C) their transactions with the cooperative.
D) the requirements of the state in which it was incorporated.

E) A) and C)
F) A) and B)

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Question 2

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A syndicate may be organized as a corporation but not as a partnership.

A) True
B) False

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Question 3

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CPA Accounting,LLC,is a limited liability company.If the law in CPA's state is like the law in most states,unless the members have agreed otherwise,participants in the firm's management will be considered to include

Unless otherwise agreed,the participants in a joint venture share its profits equally.

As the beneficiary of a business trust,Kevin's liability for trust debts and obligations is

Owen,Paula,Quinn,and Rita combine to finance the building of Super Stores,a shopping mall.Their selected form of business organization is an investment group,or

Jin,Karlo,and other consumers form Metro Purchasing Cooperative.This form of business organization makes it possible for these individuals to

Jay is a member of Kappa,LLC,a limited liability company.Jay is liable for Kappa's debts

In some states,business trusts pay corporate taxes.

A group of individuals getting together to finance a particular project may form a syndicate.

A limited liability company is a legal entity apart from its owners.

In a limited liability company,members cannot participate in its management.

Fab is the owner and manager of a business trust.Gilly is the beneficiary.Responsibility for the debts and obligations of the trust rest with

A limited liability company is operated in compliance with state law.

In a limited liability company,members do not have to participate in its management.

The members,managers,and agents of a limited liability company are liable for its obligations by virtue of their status.

Dreem Land Corporation and EZ Investments Company transfer their property to Financial Managers,Inc.,which manages the property and distributes the profits to Dreem and EZ.This form of a business organization is

Ray,Sully,and Toma form a syndicate to buy a professional football team.This syndicate could be set up as

Consumers in Delta City form a business organization to provide,without profit,an economic service to its members.This is

Energy Resources,LLC,is a limited liability company.Rather than distribute its profits to its members,Energy wants to reinvest the profits in its business.For this reason,Energy may prefer to be taxed as