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