LLC Pop Quiz 1

Where is an LLC filed?

• At the state level

• At the federal level

• At the states county level

What kind of protection does an LLC provide?

• Owner name protection

• Business name protection

• Personal liability protection

What are the owners of an LLC called?

• Members

• Managers

• Organizers

What is the role of an LLC manager?

• Interview, hire, terminate employees

• Open bank account, sign check, sign contracts, etc.

• Responsible for the day-to-day operations

Categorize the LLC management structure

Groups:

(a) Member managed

,

(b) Manager managed

• Managed by all members, not just some

• Managed by some members

• Managed by people/entities that are not members