Business Law Module 3 Questions with complete solution
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Course
BLW 342
Institution
BLW 342
Business Law Module 3 Questions with complete solution
A benefit of forming a LLC is that you are not required to maintain a Record Book as you do with a corporate structure - correct answer False
If you are a single member LLC (i.e. just you) you may simply write a check to yourself and ...
Business Law Module 3 Questions with
complete solution
A benefit of forming a LLC is that you are not required to maintain a Record
Book as you do with a corporate structure - correct answer ✔False
If you are a single member LLC (i.e. just you) you may simply write a check to
yourself and record it in your accounting ledger as "a member or shareholder
distribution" - correct answer ✔True
The buy sell contributions agreed to by business's owners may be included in
which of the following documents? - correct answer ✔Buy-Sell Agreement
Significant financial decisions that impact a LLC should be documented in
"resolutions" similar to the documentation required for similar decisions made
in a corporation - correct answer ✔True
The contents of an LLC Operating Agreement is most similar to which legal
document? - correct answer ✔Partnership agreement for a Partnership
To further demonstrate that your company is operating as a LLC you and your
members should do which of the following? - correct answer ✔all of the
above
. To determine whether you are required to use "LLC" or "Limited Liability
Corporation" after the name of your business you should contact the Internal
Revenue Service (IRS) - correct answer ✔False
Members signing documents on behalf of the LLC are considered an agent of
the LLC - correct answer ✔True
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