1.What are the parties that form a Limited Liability Company called?Can they be other organizations? What needs to be filed with the State?

2.What is the name of the document that governs the way in which an LLC will work?Give two examples of topics that would be covered under this document.

3.Compare a general partnership to a Limited Liability Partnership.

4.Explain the key advantages and disadvantages of a Sole Proprietorship. Does the sole proprietorship ever have to file anything with the State?

5.Dora wants to go into business with her old law school buddy, David.Dora is broke but David can provide the capital she needs (he has his own trust fund).However, although David's a great lawyer, Dora doesn't have much confidence in his management skills. What would be some options for choice of business entity?

6.What document needs to be filed with the State to form a Limited Liability Partnership?Name three key elements of this document. What happens if the LLP fails to file their Personal Property Tax Return?

7.Danny and Denise form an LLP in Maryland and file to do business (they sell playground equipment) in South Carolina (a partial shield state) and Virginia.Denise runs the South Carolina office and Danny runs the Maryland office (they hire an outside manager, Doris, to run the Virginia office).Doris then enters into a contract with Netbooks, Inc. to buy computers which turn out to be defective.Are Denise and Danny liable for her contract?Denise, without Danny's knowledge, enters into a lease to rent an amusement park in South Carolina. Is Danny responsible for the lease?

8.What is the document which specifies how a general partnership will be run on a day-to-day basis?Name three important items that are normally included.

9.Frank is a limited partner in an LP along with two General partners, Jody and Ted.Ted becomes ill and can no longer assume his management duties so Frank offers to take over this until he gets well.Unfortunately, Frank is not a good financial manager, makes a bad business deal, and the LP is successfully sued.What can the judgment creditor attach?

10.Why have the LLPs and LLCs largely replaced the other forms of business ownership? What laws govern these forms of business entities?