Business Law- Review Class V
Business Law Quiz: Limited Liability Companies
Test your knowledge on the intricacies of Limited Liability Companies (LLCs) with our comprehensive quiz designed specifically for business law enthusiasts. This quiz will challenge your understanding of management structures, member responsibilities, and legal obligations in LLCs.
- 12 engaging multiple-choice questions
- Assess your knowledge and readiness in business law
- Ideal for students and professionals alike
Limited Liability company is managed by:
Owners
One or more managers
Members
Founders
A person may Not be appointed as Manager of a company if:
It works in another company
has a law case against it
It actions are fully forbidden with a final court decision
When there are 3 (three) or more Managers they may constitute a:
Members' Assembly
Management Function
Managing Body
If not specified by the Company Agreement The term of office of the Members is:
4 years
2 years
4 months
Where should all consequent changes be registered?
Notary Public
Court
Central Registry
Can a Manager be reelected unlimited number of times?
Yes
No
Which of the following are Bodies in LLC:
Managing Board, Managing body, Supervisory function
Members’ Assembly, Supervisory function, Managing Board
Which Bodie in LLC reaches Major Decisions?
Members’ Assembly,
Supervisory function,
Managing Board
What is the major difference between GP and LLC in terms od management and representation?
GP manages and represents JOINTLY and LLC INDIVIDUALY
LLC manages and represents JOINTLY AND GP INDIVIDUALY
How much is the limit for members in LLC?
50
55
150
Are the members personally liable for the liabilities in LLC?
Yes
No
Supervisory Rights and Responsibilities in Limited liability Company are:
Monitoring of the implementation of the Company Agreement,
Representing the LLC,
Supervision of the operation of the LLC,
Inspection of the books of the LLC and other documentation,
Monitoring the operations related to the property of the LLC and its protection,
Managing the LLC,
Submitting reports to the Members’ Assembly.
Monitoring and control of the manner in which the Manager/s manage the LLC,
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