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:

Marketing Research Approach

A systematic process of gathering, analyzing, and interpreting information to help solve marketing challenges and make informed decisions about market trends, customer behaviors, and competitive actions.

Specifying Constraints

Identifying and defining the limitations or restrictions within which a project, plan, or problem must be executed or solved.

Collect Data

The process of gathering information, often through observation, surveys, or measurement, for analysis to support decision making.

Measure Of Success

The criteria or indicators used to evaluate the effectiveness or achievement of a specific goal or objective.