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:

Compound

A substance formed when two or more chemical elements are chemically bonded together.

Properties

Characteristics or attributes that define the behavior, state, or qualities of a system, substance, or object, in various contexts.

Insulator

A material used to electrically isolate two conductive surfaces.

Valence Electrons

Electrons in the outermost shell of an atom that are significant in chemical bonding and reactions.