Documents for Businesses

The video tutorial explains the formation and governance of different business entities: partnerships, LLCs, and corporations. It covers the necessary legal documents and internal agreements required for each type, such as articles of partnership, articles of organization, and articles of incorporation. The tutorial also discusses the roles and responsibilities of partners, members, and shareholders in these entities.

What is the default type of partnership that requires no legal filing to exist?

• General Partnership

• Limited Partnership

• Limited Liability Partnership

• Limited Liability Limited Partnership

Which document is essential for governing the internal affairs of a partnership?

• Partnership Agreement

• Operating Agreement

• Articles of Organization

• Bylaws

What must be filed to bring an LLC into legal existence?

• Articles of Organization

• Articles of Partnership

• Shareholder Agreement

• Bylaws

In an LLC, what document outlines the internal rules and obligations among members?

• Articles of Incorporation

• Operating Agreement

• Partnership Agreement

• Shareholder Agreement

What document is filed to establish a corporation legally?

• Partnership Agreement

• Operating Agreement

• Articles of Incorporation

• Articles of Organization

Which document governs the procedures and rules for a corporation's board of directors?

• Bylaws

• Articles of Organization

• Shareholder Agreement

• Operating Agreement

What is the purpose of a shareholder agreement in a corporation?

• To establish procedural rights for shareholders

• To outline the internal rules among LLC members

• To file with the Secretary of State

• To define the partnership's purpose