Podcast
Questions and Answers
An LLC's liability is independent of the financial liability of each partner
An LLC's liability is independent of the financial liability of each partner
True
A one-person LLC owner has the power and authority of the manager and board of directors
A one-person LLC owner has the power and authority of the manager and board of directors
True
The MOA must include the name of partners, company name, headquarters, objectives, capital division, management, company's term, assigning equity stake, and methods of distributing profits/losses
The MOA must include the name of partners, company name, headquarters, objectives, capital division, management, company's term, assigning equity stake, and methods of distributing profits/losses
True
The appointment of LLC managers can be managed by one or more managers who can be either partners or third parties
The appointment of LLC managers can be managed by one or more managers who can be either partners or third parties
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The method of management of the company is determined by the MOA or the partners
The method of management of the company is determined by the MOA or the partners
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If a manager's position is vacant, a partner can appoint a new manager within 15 days of knowledge of the vacancy
If a manager's position is vacant, a partner can appoint a new manager within 15 days of knowledge of the vacancy
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Partners can dismiss managers, but if the manager is one of the partners, he cannot vote when it comes to his dismissal
Partners can dismiss managers, but if the manager is one of the partners, he cannot vote when it comes to his dismissal
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The GA will be held at least once a year, 6 months before the company’s financial year ends
The GA will be held at least once a year, 6 months before the company’s financial year ends
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Partners have the right to participate in discussions and voting based on the number of shares they have
Partners have the right to participate in discussions and voting based on the number of shares they have
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Capital will be mentioned in the MOA
Capital will be mentioned in the MOA
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The company can suspend the rights of equity shares holders until they choose one to be the sole holder
The company can suspend the rights of equity shares holders until they choose one to be the sole holder
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The GA will determine how profits are distributed to the partners after deduction if needed
The GA will determine how profits are distributed to the partners after deduction if needed
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Partners have the right to ______ in discussions and voting, and have a number of votes based on the number of shares he has
Partners have the right to ______ in discussions and voting, and have a number of votes based on the number of shares he has
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Information must be confidential & must not cause damage to company or partner or they’ll be liable for ______
Information must be confidential & must not cause damage to company or partner or they’ll be liable for ______
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The ______ will represent the LLC in front of the court, arbitration tribunals, and third parties
The ______ will represent the LLC in front of the court, arbitration tribunals, and third parties
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The company is liable for the manager’s acts that fall within the company’s ______
The company is liable for the manager’s acts that fall within the company’s ______
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The GA will be held based on the MOA, at least once a year, 6 months before the company’s financial year ends - Managers or auditor or partners can ______ the meeting, the notification must be sent 21 days before the meeting
The GA will be held based on the MOA, at least once a year, 6 months before the company’s financial year ends - Managers or auditor or partners can ______ the meeting, the notification must be sent 21 days before the meeting
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Limited Liability Company: is a company established by one or more natural or legal person and its liability is independent of the financial liability of each partner - Only the company will be responsible for the debts & obligations that arise out of the business, so neither the owner nor the partner will be held liable except, only up to their ______
Limited Liability Company: is a company established by one or more natural or legal person and its liability is independent of the financial liability of each partner - Only the company will be responsible for the debts & obligations that arise out of the business, so neither the owner nor the partner will be held liable except, only up to their ______
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The appointment of LLC managers is under the MOA or Independent Contract Management of the company – The MOA or the partners will determine the ______ of management
The appointment of LLC managers is under the MOA or Independent Contract Management of the company – The MOA or the partners will determine the ______ of management
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Partners can go to court to request ______ of manager
Partners can go to court to request ______ of manager
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The GA will determine how ______ are distributed to the partners after deduction if needed
The GA will determine how ______ are distributed to the partners after deduction if needed
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Capital – capital will be mentioned in the MOA - If the equity shares is held by several people, the company can ______ their rights until they choose one to be the sole holder
Capital – capital will be mentioned in the MOA - If the equity shares is held by several people, the company can ______ their rights until they choose one to be the sole holder
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MOA must include: * Name of partners * Name the company. * Headquarters. * Company’s Objectives * Capital and its division among partners * Management of company * Company’s term *Assigning equity stake *Methods of distributing ______/losses
MOA must include: * Name of partners * Name the company. * Headquarters. * Company’s Objectives * Capital and its division among partners * Management of company * Company’s term *Assigning equity stake *Methods of distributing ______/losses
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Appointment of LLC managers – it can be managed by one or more managers they can be either partners or third parties - Appointment of managers is under the MOA or ______ Contract
Appointment of LLC managers – it can be managed by one or more managers they can be either partners or third parties - Appointment of managers is under the MOA or ______ Contract
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What does MOA stand for and what must it include?
What does MOA stand for and what must it include?
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What is the liability of a limited liability company in relation to its partners?
What is the liability of a limited liability company in relation to its partners?
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Can a partner dismiss a manager if the manager is also a partner?
Can a partner dismiss a manager if the manager is also a partner?
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What is the requirement for holding a General Assembly (GA) meeting?
What is the requirement for holding a General Assembly (GA) meeting?
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What can the company do if the equity shares are held by several people?
What can the company do if the equity shares are held by several people?
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Who has the right to represent the LLC in front of the court, arbitration tribunals, and third parties?
Who has the right to represent the LLC in front of the court, arbitration tribunals, and third parties?
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What happens if a manager's position becomes vacant?
What happens if a manager's position becomes vacant?
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What must partners agree to when applying for incorporation?
What must partners agree to when applying for incorporation?
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How are profits distributed to the partners?
How are profits distributed to the partners?
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What is the responsibility of the company regarding the manager's acts?
What is the responsibility of the company regarding the manager's acts?
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What rights do partners have in the company?
What rights do partners have in the company?
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What can partners do if they hold all the shares?
What can partners do if they hold all the shares?
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