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Chapter 38 Limited Liability Companies and Limited Partnerships

Chapter 38 Limited Liability Companies and Limited Partnerships

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Chapter 38 Limited Liability Companies and Limited Partnerships Multiple Choice Identify the letter of the choice that best completes the statement or answers the question. ____ 1. Beth and Carl want to form a limited liability company (LLC) to manage their seven Movie Time Video rental stores. LLC statutes have been adopted in a. all states. b. a majority of states. c. only foreign countries. d. only Wyoming. ____ 2. Computer Networks, LLC, is a limited liability company. Unless indicated otherwise on Computer Networks' federal tax form, the firm will be taxed as ____ 3. Bill is considering forms of business organization for his Web-site consulting firm. Most states require that a limited liability company have ____ 4. Cathy is considering forms of business organization for her advertising-art firm. Like most states, Cathy's state requires that to form a limited liability company, she must file, with a central state agency, articles of ____ 5. Interstate Trucking, LLC, is a limited liability company. Jack, an Interstate driver, is in an accident in New Jersey with Owen, a citizen of New York. Owen files a suit against Interstate in a federal district court. For purposes of federal court jurisdiction, the citizenship of Interstate is the same as the citizenship of
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a. Interstate Trucking's members. b. Jack. c. the state of Interstate Trucking's formation. d. none of the above. ____ 6. Sally is considering forms of business organization for her construction-equipment business. For purposes of owning property and being a party to litigation, forms that are legal entities separate from their owners include ____ 7. Jill is considering forms of business organization for her general-merchandise wholesale business. One advantage of the limited liability company form, with respect to tax options, is its
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