Which of the Following Is a Correct Statement Regarding the Uniform

question 98

Multiple Choice

Which of the following is a correct statement regarding the Uniform Limited Liability Company Act (ULLCA) ?

• A) The National Conference of Commissioners on Uniform State Law issued the ULLCA.
• B) The ULLCA covers the formation, but not the operation and termination, of LLCs.
• C) The ULLCA covers the operation, but not the formation and termination, of LLCs.
• D) The ULLCA covers the termination, but not the formation and operation, of LLCs.

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Definitions:

Canada Revenue Agency

The federal agency responsible for the administration of tax laws for the Government of Canada and for most provinces and territories.

Tax Laws

Legislation that determines how much individuals and businesses must pay the government from their income and financial transactions.

Dividends

Payments made by a corporation to its shareholder members, representing a portion of the corporation's earnings.

Shareholders

Shareholders are individuals or institutions that legally own one or more shares of stock in a public or private corporation, making them partial owners of the company.