13. Custom Auto Body &Detailing;, LLC, is a limited liability company. Unless in

Question

13. Custom Auto Body &Detailing;, LLC, is a limited liability company. Unless ind cated otherwise on the Custom Auto's federal tax form, the firm will be taxed as a partnership. TRUE FALSE 14. Bee Hive Honey, LLCs members include Chad, Dolores, and others. For purposes of suing and being sued, Bee Hive Honey is a separate legal entity TRUE FALSE 15. Arnie is a member of Bowling & Billiards, LLC, a limited liability company. Arnie cannot participate in the firm's management TRUE FALSE 16. Sheri owns 75% and Paris owns 25% of the shares of Sheraton Hostels, Inc. When selecting directors of the company, they have equal voting rights. FALSE TRUE

Explanation / Answer

13. Answer is True. Custom Auto Body & Detailing, LLC, is a limited liability company. Unless indicated otherwise on the Custom Auto's federal tax form, the firm will be taxed as a partnership.

14. Answer is  True. Bee Hive Honey, LLC's members include Chad, Dolores, and others. For purposes of suing and being sued, Bee Hive Honey is a legal entity apart from the owners.

15. Answer is False.  Arnie is a member of Bowling & Billiards, LLC, a limited liability company. Arnie can participate in the firm's management to any extent.

16. Answer is False. The one having more shareholding will have more voting power they would not be having same rights while electing the directors of the company.

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