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LGLA2311-Chapter 6

Business Organizations for Paralegals

AnswerQuestion
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.
Created by: dawnbryant