Starting a Business: Lesson 8 Quiz

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Question 1 of 3

1. Question
What is the difference between a general partnership agreement and an operating agreement for a limited liability company?
- A general partnership agreement is for partnerships with more than one partner, while an operating agreement is for limited liability companies, which can have one owner.
- A general partnership agreement is for partnerships with only one partner, while an operating agreement is for limited liability companies, which can have more than one owner.
- A general partnership agreement is for partnerships with more than one partner, while an operating agreement is for corporations.
- A general partnership agreement is for partnerships with only one partner, while an operating agreement is for corporations.
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Question 2 of 3

2. Question
What are the two attributes of a unit or membership interest in a LLC?
- The right to vote on LLC decisions and the right to receive distributions of cash and other financial attributes of the company.
- The right to vote on partnership decisions and the right to receive distributions of cash and other financial attributes of the company.
- The right to vote on LLC decisions and the right to receive distributions of stock and other financial attributes of the company.
- The right to vote on partnership decisions and the right to receive distributions of stock and other financial attributes of the company.
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Question 3 of 3

3. Question
What are the three primary ways to manage an LLC in Tennessee?
- Member managed, manager managed, and board managed.
- Member managed, manager managed, and CEO managed.
- Board managed, CEO managed, and CFO managed.
- Partner managed, manager managed, and board managed.
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Starting a Business: Lesson 8 Quiz

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