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LLC Quiz: Assess Your Grasp of Limited Liability Companies

Small Business Regulatory and Compliance Issues / Registering a Business, Limited Liability Company (LLC), Quiz

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Limited Liability Companies

Welcome to our LLC Quiz!

This quiz was designed to test your knowledge about Limited Liability Companies (LLC). Are you ready to put your knowledge to the test?

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1. What is the primary role of a registered agent in an LLC?

Managing the day-to-day operations of the LLC

Handling financial transactions for the LLC

Receiving legal documents and official notices on behalf of the LLC

Making strategic decisions for the LLC’s growth

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2. Who cannot serve as a registered agent for an LLC?

The founder of the LLC

A professional registered agent service

A lawyer

D) An employee of the LLC

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3. Which of the following is generally recommended when you form a multi-member LLC?

Business plan

Board of Directors

Operating Agreement

Shareholders Agreement

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4. Which of the following entities cannot be a member of an LLC?

Individual

Corporation

Partnership

Minor

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5. What is the maximum number of members allowed in an LLC?

50

75

99

No maximum

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6. What is the principal reason for registering as an LLC with the secretary of state

Liability protection for all members

To define the business’s tax treatment

To match the business name to the registered agent who can be served

To secure a business name that nobody else can use

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7. In a member-managed LLC, if the company is found negligent, who, if any, can be personally held liable?

All members of an LLC can be held liable

Only the founding member can be held liable

Only the registered agent can be held liable

Nobody; all members have their liability protected

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8. In a manager-managed LLC, if the company is found negligent, who, if any, can be personally held liable?

All members of an LLC can be held liable

Only the founding member can be held liable

Only the designated manager(s) can be held liable

Nobody; all members have liability protection

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9. Which of the following is not a benefit of forming a Limited Liability Company (LLC)?

Personal liability protection for non-managers

Pass-through taxation

Unlimited personal liability for every member

Flexible management structure

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10. What is the minimum number of members required to form an LLC?

0, no minimum is required

1, the founder

2, a President and a Treasure

3, a CEO, President, and Treasure

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11. How are LLCs taxed?

As a partnership

As an S-Corp

As a C-Corp

Any of the above is possible with a special election

Your score is

The average score is 66%

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LLC Quiz: Assess Your Grasp of Limited Liability Companies

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