LGS 200 Chapter Notes - Chapter 15 : Limited Liability Partnership, Operating Agreement, Tort
4 Apr 2017
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Llc: an unincorporated business entity that combines the most favorable attributes of general partnerships, limited partnerships, and corporations. Uniform limited liability company act: a model act that provides comprehensive and uniform laws for the formation, operation and dissolution of llcs. Revised uniform limited liability company act: a revision of the ullca that provides comprehensive and uniform laws for the formation, operation , and dissolution of llcs. Articles of organization: the formal documents that must be filed at the secretary of state"s office of the state of organization of an llc in order to form the llc. Operating agreement: an agreement entered into among members that governs the affairs and business of the llc and the relationships among members, managers, and the llc. Certificate of interest: a document that evidences a member"s ownership interests in an. Distributional interest: a member"s interest in an llc that entitles the member to receive distributions of money and property from the llc.
