North Pier LLC, a limited liability company, operated a kayak-rental business. Its manager, Julian, signed a dock lease "North Pier LLC, by Julian, Manager." He also signed a separate one-page personal guaranty for the f...
Citations: Revised Uniform Limited Liability Company Act secs. 201, 203, 401, 407, 409, 502, 503, 601, 701
...ts the charging-order remedy against an LLC interest. Revised Uniform Limited Liability Company Act secs. 201, 203, 401, 407, 409, 502, 503, 601, 701
Citations: Revised Uniform Limited Liability Company Act secs. 201, 203, 401, 407, 409, 502, 503, 601, 701
...rsonal liability limits for LLC members and managers. Revised Uniform Limited Liability Company Act secs. 201, 203, 401, 407, 409, 502, 503, 601, 701
Citations: Revised Uniform Limited Liability Company Act secs. 201, 203, 401, 407, 409, 502, 503, 601, 701
...t economic rules for members in a member-managed LLC. Revised Uniform Limited Liability Company Act secs. 201, 203, 401, 407, 409, 502, 503, 601, 701
Citations: Revised Uniform Limited Liability Company Act secs. 201, 203, 401, 407, 409, 502, 503, 601, 701
...ceive? This question tests transfer of LLC interests. Revised Uniform Limited Liability Company Act secs. 201, 203, 401, 407, 409, 502, 503, 601, 701
Citations: Revised Uniform Limited Liability Company Act secs. 201, 203, 401, 407, 409, 502, 503, 601, 701
...effect? This question tests dissociation from an LLC. Revised Uniform Limited Liability Company Act secs. 201, 203, 401, 407, 409, 502, 503, 601, 701
Citations: Revised Uniform Limited Liability Company Act secs. 201, 203, 401, 407, 409, 502, 503, 601, 701
...on tests default voting rules in member-managed LLCs. Revised Uniform Limited Liability Company Act secs. 201, 203, 401, 407, 409, 502, 503, 601, 701
Citations: Revised Uniform Limited Liability Company Act secs. 201, 203, 401, 407, 409, 502, 503, 601, 701
...is question tests operating-agreement limits in LLCs. Revised Uniform Limited Liability Company Act secs. 201, 203, 401, 407, 409, 502, 503, 601, 701
Citations: Revised Uniform Limited Liability Company Act secs. 201, 203, 401, 407, 409, 502, 503, 601, 701
...nt rule? This question tests LLC management defaults. Revised Uniform Limited Liability Company Act secs. 201, 203, 401, 407, 409, 502, 503, 601, 701
Citations: Revised Uniform Limited Liability Company Act secs. 201, 203, 401, 407, 409, 502, 503, 601, 701
...ement limits, manager fiduciary duties, and remedies. Revised Uniform Limited Liability Company Act secs. 201, 203, 401, 407, 409, 502, 503, 601, 701
Citations: Revised Uniform Limited Liability Company Act secs. 201, 203, 401, 407, 409, 502, 503, 601, 701
...ability of LLC interests and charging-order remedies. Revised Uniform Limited Liability Company Act secs. 201, 203, 401, 407, 409, 502, 503, 601, 701
Citations: Revised Uniform Limited Liability Company Act secs. 201, 203, 401, 407, 409, 502, 503, 601, 701
...nagement, operating agreements, and authority limits. Revised Uniform Limited Liability Company Act secs. 201, 203, 401, 407, 409, 502, 503, 601, 701
Citations: Revised Uniform Limited Liability Company Act secs. 201, 203, 401, 407, 409, 502, 503, 601, 701
...ent forms the LLC? This question tests LLC formation. Revised Uniform Limited Liability Company Act secs. 201, 203, 401, 407, 409, 502, 503, 601, 701
Citations: Revised Uniform Limited Liability Company Act secs. 201, 203, 401, 407, 409, 502, 503, 601, 701
...? This question tests judicial dissolution of an LLC. Revised Uniform Limited Liability Company Act secs. 201, 203, 401, 407, 409, 502, 503, 601, 701
Citations: Revised Uniform Limited Liability Company Act secs. 201, 203, 401, 407, 409, 502, 503, 601, 701
...s LLC dissociation, dissolution, and judicial relief. Revised Uniform Limited Liability Company Act secs. 201, 203, 401, 407, 409, 502, 503, 601, 701
Citations: Revised Uniform Limited Liability Company Act secs. 201, 203, 401, 407, 409, 502, 503, 601, 701
A limited liability company has members who are citizens of States A, B, and C. The LLC was organized in State D and has its headquarters in State E. What is the LLC's citizenship for diversity purposes? The correct answ...
Citations: Carden v. Arkoma Associates, Section 1332 diversity principles
A limited liability company has members who are citizens of States A, B, and C. The LLC was organized in State D and has its headquarters in State E. What is the LLC's citizenship for diversity purposes? The correct answ...
Citations: Carden v. Arkoma Associates, Section 1332 diversity principles
Blue Market LLC, a manager-managed limited liability company, operated neighborhood grocery stores. Its operating agreement named Nora as manager and stated that "the manager may pursue other businesses, but shall disclo...
Citations: Model Business Corporation Act secs. 8.30-8.32 and 8.60-8.63, Revised Uniform Partnership Act sec. 404, Revised Uniform Limited Liability Company Act secs. 105 and 409
Two people form a limited liability company to run a photography business. They both manage the LLC and split profits equally. A disappointed vendor argues that, because there are two owners carrying on a business for pr...
Citations: Revised Uniform Partnership Act secs. 202-204, 401
...poration Act and common-law veil-piercing principles, Revised Uniform Limited Liability Company Act and common-law alter-ego principles
Citations: Model Business Corporation Act and common-law veil-piercing principles, Revised Uniform Limited Liability Company Act and common-law alter-ego principles
...8.60-8.63, Revised Uniform Partnership Act sec. 404, Revised Uniform Limited Liability Company Act secs. 105 and 409
Citations: Model Business Corporation Act secs. 8.30-8.32 and 8.60-8.63, Revised Uniform Partnership Act sec. 404, Revised Uniform Limited Liability Company Act secs. 105 and 409
...t secs. 11.01-11.07, 12.02, 13.01-13.31, 14.01-14.32, Revised Uniform Limited Liability Company Act secs. 701-707
Citations: Model Business Corporation Act secs. 11.01-11.07, 12.02, 13.01-13.31, 14.01-14.32, Revised Uniform Limited Liability Company Act secs. 701-707
...8.60-8.63, Revised Uniform Partnership Act sec. 404, Revised Uniform Limited Liability Company Act secs. 105 and 409
Citations: Model Business Corporation Act secs. 8.30-8.32 and 8.60-8.63, Revised Uniform Partnership Act sec. 404, Revised Uniform Limited Liability Company Act secs. 105 and 409
...poration Act and common-law veil-piercing principles, Revised Uniform Limited Liability Company Act and common-law alter-ego principles
Citations: Model Business Corporation Act and common-law veil-piercing principles, Revised Uniform Limited Liability Company Act and common-law alter-ego principles
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