Question
28. An existing general partnership, limited partnership and corporation may be converted to a Limited Liability Company if which of the following requirements are met:
28. An existing general partnership, limited partnership and corporation may be converted to a Limited Liability Company if which of the following requirements are met: a) an agreement of conversion is drafted that sets forth the terms of the conversion; b) the terms of the conversion are approved by all parties or by the number or percentage of owners required for the conversion; c) Articles of Organization of the new LLC are filed with the Secretary of State; d) all of the above. 29. Certain members and managers of a limited liability company owe fiduciary duties to the LLC they own or manage. These duties include: a) only the duty of loyalty; b) only the duty of care; c) both the duty of loyalty and care; d) neither the duty of loyalty or care. 30. In Wrench v. Taco Bell, Taco Bell was liable for breach of an impliedinfact contract because of the presence of the following element(s): a) plaintiff provided property or service; b) plaintiff expected to be paid for services; c) defendant was given an opportunity to reject the services provided by the plaintiff and failed to do so; d) all of the above.
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