How Is a Limited Liability Company Formed

question 12

Multiple Choice

How is a limited liability company formed?

• A) By filing Articles of Statement with the Internal Revenue Service.
• B) By filing a Limited Liability Company form with the Securities and Exchange Commission.
• C) By filing a Certificate of Authority with the county in which the LLC is established.
• D) By filing Articles of Organization in the state in which the LLC is established.
• E) By filing a Statement of Operation in the state in which the LLC is established.

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Definitions:

Uniform Commercial Code (UCC)

A statutory source of contract law in the United States that is applicable to transactions involving the sale of goods. The UCC was created in 1952 and adopted by all 50 states, the District of Columbia, and the Virgin Islands; it may be modified by each state to reflect the wishes of the state legislature.

Sellers/Lessors

Sellers or lessors are individuals or entities that provide goods or property for sale or lease to buyers or lessees, respectively.

Buyers/Lessees

Individuals or entities that purchase or lease goods and services.

Specific Performance

A legal remedy requiring a party to execute a contract according to its precise terms.