Answer the following questions regarding Limited Liability Companies. $($LLCs$)$

$1.$ LLCs are creatures of

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so they are created pursuant to the law of the state where they are organized.

$2.$ The owners of an LLC are called

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$.$

$3.$ Under the I.R$.$S$.$ code an LLC is taxed as a

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unless it elects to be taxed as a

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$.$

$4.$ Unless their LLC$\text{'}$s operating agreement says otherwise, a member has a right to a$($n$)$

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of the LLC$\text{'}$s profits.

$5.$ Members of an LLC have

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liability to third parties for the debts, obligations and liabilities of the LLC beyond their capital contributions.

$6.$ An LLC can be either member$-$managed or

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$.$ In this type of LLC the members designate people to manage the LLC$.$ These managers may be either members or non$-$members.

$7.$ Certain managers and members of an LLC owe fiduciary duties to the LLC they own or manage. These include the

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to act honestly in their dealings with the LLC$,$ and a

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not to engage in illegal, reckless, grossly negligent or intentional misconduct while acting in behalf of the LLC$.$

$8.$ A member of a manager$-$managed LLC who is not designated as a manager owes no duty of loyalty or care to the LLC$.$

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