Learning Objectives:

Describe the attributes of a limited liability company (LLC):

Understand the default rights and liabilities of a member in an LLC:

Describe the attributes of a limited partnership (LP) and a limited liability limited partnership (LLLP):

Understand the default rights and liabilities of partners in an LP and LLLP:

Essential Terminology:

Limited liability company Members:

Operating agreement:

Member-managed:

Manager-managed:

Limited partnership:

General partner:

Limited partner:

Limited liability limited partnership:

Merger:

Conversion:

PLEASE ANSWER IN THE SAME FORMAT AS ABOVE, DO NOT CHANGE THE ANSWER FORMAT. THANK YOU IN ADVANCE!!!!