Thelma and Louise Form an LLC for the Purpose of Operating

question 68

Multiple Choice

Thelma and Louise form an LLC for the purpose of operating road trip tours of the American southwest.In the articles of organization,they state,"the term of this limited liability company shall last until our travel company has operated 20 successful tours,at which point the term of this company shall end." Thelma and Louise have formed:

• A) a term LLC because it has a set ending date
• B) a term LLC because all LLCs are set to terminate,even though many are set to terminate far in the future
• C) a term LLC because the event that terminates the LLC is reasonably able to be accomplished as of the time that the LLC is formed
• D) an at-will LLC because there is no specified time for the termination of the LLC
• E) an at-will LLC because any mention of an uncertain event in connection with the duration of an LLC causes the LLC to be at-will

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Definitions:

Majority Rules

A decision-making principle whereby the option that receives the most votes or support among a group is chosen.

Networking

The act of connecting with other people to exchange information and develop professional or social contacts.

B2B Marketplace

An online platform that connects businesses for the purpose of buying and selling products and services to each other.

Structured Proposals

Detailed and organized presentations or documents outlining a plan or proposition, especially in a business context.