Operating Agreement for LLC
Interactive Video
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Business, Social Studies
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University
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Practice Problem
•
Hard
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5 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the LOC agreement often compared to?
The guidelines of a club
The rules of a sports team
The bylaws of a corporation
The constitution of a country
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
In an LLC, who might have their roles and responsibilities outlined in the LOC agreement?
Only the board of directors
Only the managers
Only the passive members
Both member managers and managers
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What does the LOC agreement specify between managers and passive members?
Their vacation days
Their salaries
Their roles and responsibilities
Their voting rights
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What financial aspect does the LOC agreement include for tax purposes?
The company's revenue
The profit margin
The capital account of members
The annual budget
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What does the LOC agreement determine regarding profits and losses?
The allocation among members
The percentage for external stakeholders
The distribution among managers only
The total amount for the company
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