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LGLA2311-Chapter 6
Business Organizations for Paralegals
Answer | Question |
---|---|
Limited liability company | entity providing full protection for its members from all personal liability whether arising in tort or contract; must comply with statutes. |
Members | participants in a limited liability company. |
ULLCA | Uniform Limited Liability Company Act, a uniform act to guide operation and management of LLCs. |
Shelf LLC | a limited liability company originally formed with no members. |
Series LLC | a separate and distinct group within an LLC, which has its own members and assets; not recognized by revised ULLCA of 2006. |
Articles of organization | document filed with the state that creates an LLC. |
Operating agreement | agreement governing the operation of an LLC; may be oral in most states. |
Member-managed LLC | an LLC managed by its members. |
Manager-managed LLC | an LLC managed by appointed managers rather than its membership. |
Administrative dissolution | dissolution of a business entity for some technical reason such as failure to file annual reports or pay taxes. |
Professional limited liability company | a type of LLC organized by professionals and in which professionals retain liability for their own negligence. |