Peter, Preston, and Penny Organize an LLC in the Month

question 62

Multiple Choice

Peter, Preston, and Penny organize an LLC in the month of January. While composing the operating agreement, they forget to include the amendment clause. Six months later, the situation demands an amendment to the operating agreement. Which of the following would best apply in this scenario?

• A) The operating agreement can be amended if all three members approve.
• B) The operating agreement cannot be amended as it contains no amendment provision.
• C) The operating agreement can be amended with the affirmative majority of all shareholders.
• D) The operating agreement can be amended only 60 days after a new amendment provision is included.

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Definitions:

Adversity

Difficult or unfavorable conditions or circumstances that one may face in life, often resulting in the need to overcome challenges.

Maintaining

Keeping something in an existing state or condition, often requiring regular check and care.

Motivated

Being driven or encouraged to act or accomplish something, often due to personal desire or external rewards.

Motivational Strategy

Techniques or plans designed to inspire individuals towards achieving certain goals or improving performance.