As a passive investor, you contribute $8,000 as your share of the Woodcreek, LLC, a canoe rental business owned with your friends, Wendy and James. The daily operations will be handled by Wendy and James. This LLC management structure is known as what?

A single member LLC can pay themselves by simply writing a check to themselves and recording it in their LLC accounting ledger.

To demonstrate that you and your LLC members are operating your business as a LLC, you should clearly separate all personal member finances from LLC finances.

Sally, Joe, and you form Letters, LLC for editing books, articles, dissertations, research paper, and similar documents. Each of you work from your home office and come together weekly, at a local Summer Moon, to discuss the LLC’s current and new projects. You all agree that there is no need for a separate level of management and they you can collectively management the LLC. The form of LLC management that you have decided on is best described as what form of management?

The “book value” of the Frisco BBQ business is generally determined by subtracting its liabilities from its assets as shown on the company’s most recent year-end balance sheet.

The IRS will allow Betty’s Home Care, LLC members to receive a salary, but the salary must be “reasonable” compared to the services performed.

Significant financial decisions that impact a LLC should be documented in resolutions like the documentation required for similar decisions made in a Corporation.

The buy-sell conditions agreed to by a business’ owners may be included in which of the following documents? Check all that apply.  

A loan to Flores Home Improvement LLC is treated as income to the business.

As you and your business’ co-owners set-up your LLC, the requirements of voting and distribution of money for the LLC should be included in the Articles of Incorporation.