Partnerships
Delaware filing fee for a general partnership
What is none, because general partnerships don't need to make a filing?
Statutory provisions that supply basic but changeable contractual rules for an LLC
What are default rules?
The rule that generally governs how corporate directors must manage a corporation
What is the business judgment rule?
The taxation of corporate income at both the entity level and once distributed as dividends to the owners
What is double taxation?
558
What is how many LLCs and corporations does Donald Trump have?
Year in which the Massachusetts Partnership Act was promulgated by the Uniform Laws Commission
What is 1914?
Owner's fiduciary duties
What are the duty of care and duty of loyalty?
The concept that the interpretation of relationships among business owners will be based on the laws of the state of formation
What is the internal affairs doctrine?
Taxable income allocated to an entity owner even if the owner receives no distributions from the entity
What is "phantom" income?
Number of US jurisdictions with LLC statutes
What is I don't know, but it's more than 51?
Effect on a partner's liability for partnership torts of a partnership agreement provision that limits liability to the partner's own negligence
What is absolutely no effect?
For a Delaware LLC, the minimum standard for the duty of care
What is none?
What happens when a court decides that it can ignore the limited liability of an entity's owners
What is piercing?
The revolutionary change in tax classification that treats most non-corporate entities as tax partnerships unless they elect otherwise
What is check-the-box?
Type of entity that supposedly exists to facilitate program related investments by foundations
What is a low-profit LLC?
Assuming a 25% marginal tax bracket, tax liability of a 50% partner in a partnership with $1,000 in income but no partner distributions
What is $125?
Name of the filing needed to incorporate an LLC
What is this is a bogus question because LLCs don't incorporate?
The principle that in certain types of business entities, an owner should not be able to freely confer full owner status on a transferee
What is the pick-your-partner rule?
The portion of the Internal Revenue Code where the partnership tax rules are found
What is Subchapter K?
Benefit LLCs
What is a type of entity that is completely unnecessary because LLCs already provide near-complete freedom of contract?
Minimum number of partners in a partnership
What is two?
First state to adopt an LLC statute?
What is Wyoming?
The legal concept that the actions of any owner can bind the business, even if not approved by the other owners
What is agency?
The tax status of a single-member LLC
What is sole proprietorship?
Repository of publicly filed information about the members and managers of a Delaware LLC
What is such a place does not exist?