QUESTION

$($i$)$

ANSWER

Elissa, Lindsey, Amy, Carrie, and Alison form Cooper Square, LLC$.$ Alison contributes $$50,000$ capital, and the other four members each contribute $$10,000.$ The members are deciding whether to stop selling one of their product lines. Elissa, Amy, and Carrie all vote in favor. Lindsey and Alison are opposed. The product line is discontinued because three members voted in favor and two were opposed. It does not matter that the two members who voted no contributed $$60,000$ in capital collectively versus the $$30,000$ in capital contributed by the three members who voted yes.

Because each member has equal rights in the management of the business of the LLC$,$ Cooper Square is an example of which of the following?

an at$-$will LLC

a member$-$managed LLC

distributional interest

a manager$-$managed LLC

I DON'T KNOW YET