How is it formed?
The document filed with the state to create an LLC
Articles of Organization
Owners of this type of entity can elect to be taxed as either a partnership or a corporation, as long as there are 2 or more owners.
LLC
This agreement should determine what to do if a member is dissociated from the LLC
Operating Agreement
You might want this entity if two or more people or companies combine efforts or propÂerty for a particular transaction or project.
Joint venture
This type of entity must have a Board of Directors
Corporation
(though can be waived by unanimous vote of a closely held corporation)
The document filed with the state to form a corporation
Articles of Incorporation
This type of entity pays no taxes. It instead passes through profits to the owners.
Partnerships
This is the term we use to describe the dissolution process (for any entity)
Winding up or Winding down
A group of people or firms joining together to finance a particular project (like a professional sports franchise)
A syndicate
These are the people who run the daily operations of a corporation (2 answers)
Officers and employees
The agreement an LLC will create to determine how the business will operate and how to distribute rights and duties.
Operating Agreement
This type of entity may be subject double taxation
LLC
If you do not specify in the Articles, this is how long the corporation will be presumed to exist
Perpetual existance
An association that is organized to provide an economic service to its members (or shareholders).
A cooperative
This is the body that oversees a corporation
Board of directions
The agreement a corporation will create to determine how the business will operate and how to distribute rights and duties.
Shareholders Agreement
Under this Subchapter of the Tax Code, a corporation can avoid the imposition of income taxes at the corporate level while still retaining the limited liability advantages of a corporation.
Subchapter S
Dissolution of a corporation requires approval by a vote of this party
Shareholders
An entity you might form to keep valuable assets separate so that they are not recoverable in a suit against an operating company.
A holding company
Ownership interests in this type of entity change frequently, without affecting operations
Corporations (trading shares on the public markets)
This type of entity is formed by contract, rather than by statute
Franchise
This is the term for taxable distributions to Shareholders
Dividends
This is an example of a triggering event for an LLC
(6 options)
(i)voluntary withdrawal (if you have that option), (ii) expulsion by other members, (iii) court order, (iv) incompetence, (v)bankruptcy, and (vi) death.
A corporation formed by the government to meet some political or governmental purpose
A public corporation (don't confuse with a publicly-traded corporation!)
SHs of this type of entity can bring an enforcement proceeding to sue the firm if the firm fails to create/ pursue a public benefit.
Benefit corporation