Which of the following is true about operating agreements for LLCs?
A) They are not required, but are recommended.
B) All LLCs must have them, but they need not be filed.
C) All LLCs must have one, and they must be filed with the articles of organization.
D) They must be in writing in order to be enforceable.
E) Member-managed LLCs must have one, but they are not required for manager-managed
LLCs.
A
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In a period of falling prices, which inventory method generally provides the greatest amount of net income?
a. Average cost. b. FIFO. c. LIFO. d. Specific identification.
An ownership interest in real property consisting of an individual fee simple interest in a commercial office or retail store and an undivided interest in common areas BEST describes?
A. A cooperative. B. A planned unit development. C. A condominium. D. A real estate investment trust.