CH 33 - 1 WhenLLCsmerge,the A manner B C D noneofthese Correct PointsEarned 1/1 CorrectAnswer

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1. When LLC’s merge, the A. state LLC statutes treat member voting rights over approving the merger in a uniformly identical  manner B. merged entity gains title to all assets of the entities C. surviving entity no longer exists D. none of these. Correct. Points Earned: 1/1 Correct Answer: D Your Response: D 2. All states except one have adopted either the 1976 or 1985  RULPA. Points Earned: 1/1 Correct Answer: True Your Response: True 3. Juan and Barbara form a limited liability company to conduct a particular business activity for profit.  Which of the following is not true? A. The articles of organization must be filed in a designated state office. B. No particular form of organization is required. C. The company name must include the words "limited liability company" or "limited company" or the  abbreviation "LLC" or "LC." D. The contribution of a member may be a promissory note. Points Earned: 1/1 Correct Answer: B Your Response: B 4. Which of the following need NOT be included in the certificate filed by a limited partnership under the  RULPA? A. The name of the limited partnership B. The name and address of the agent for service of process C. The names of each of the limited partners D. The name and business address of each general partner Points Earned: 1/1 Correct Answer: C Your Response: C 5. A creditor of a limited partner may obtain a charging order against the limited partner's interest in the 
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partnership, thereby becoming an assignee of the partnership interest. Points Earned: 1/1 Correct Answer: True Your Response: True 6. A general partner has a fiduciary duty to the limited partners, but it is unclear whether the limited  partners have a fiduciary duty to the general partners. Correct Feedback:  Correct. Incorrect Feedback:  Incorrect. Points Earned: 1/1 Correct Answer: True Your Response: True 7. Limited partners always share the profits of the limited partnership equally. Correct Feedback:  Correct. Incorrect Feedback:  Incorrect. Points Earned: 1/1 Correct Answer: False Your Response: False 8. A limited partnership agreement may  not  provide that limited partners have the right to vote on matters  as a separate class from the general partners. Points Earned: 1/1 Correct Answer: False Your Response: False 9. A limited partner's financial obligation to the partnership may be increased if: A. the limited partner acts as agent for a competing partnership. B.
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This note was uploaded on 12/21/2009 for the course BULGARIA 8220 taught by Professor Jenkins during the Spring '09 term at American University in Bulgaria.

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CH 33 - 1 WhenLLCsmerge,the A manner B C D noneofthese Correct PointsEarned 1/1 CorrectAnswer

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