Why do most states and the ullca require

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Reference no: EM133610248

Question 1: Why do most states and the ULLCA require that the name of a business that operates as an LLC include the initials "LLC" in some form or the wording "Limited Liability Company"?

Question 2: An agreement that governs an LLC does not discuss how it will be managed. Describe how the entity will be managed. 18. LLCs follow the partnership principle of "pick your partner." Fully describe what this means.

Question 3: An agreement that governs an LLC does not discuss how distributions of profits of the LLC will be made. David contributed 40 percent of the LLC's initial capital, Margot contributed 45 percent of the initial capital, and Lauren contributed 15 percent of the initial capital. Under the ULLCA, how will profits of $100,000 be distributed? 20. An LLC neglected to file its annual report with its state of formation. Discuss the consequences of this neglect and whether there is anything the LLC can do to continue operating.

Reference no: EM133610248

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