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The Basics of LLCs: Limited Liability Companies

Instructions:

Choose an answer and hit 'next'. You will receive your score and answers at the end.

question 1 of 3

What does someone have to file to form a limited liability company?

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1. What document is used to govern the operations of a limited liability company?

2. What is the best explanation of pass-through taxation?

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About This Quiz & Worksheet

This quiz/worksheet combo helps gauge your understanding of limited liability companies. You will be quizzed on terms associated with organizing this type of company.

Quiz & Worksheet Goals

Use this worksheet and quiz to review these aspects of an LLC:

  • How an LLC is created and who manages it
  • Differences from a partnership
  • What governs operations
  • Pass-through taxation

Skills Practiced

Use this worksheet and quiz to practice these skills:

  • Information recall - access the knowledge you have gained regarding characteristics of an LLC
  • Knowledge application - use your knowledge to answer questions about how LLCs are governed
  • Interpreting information - verify that you can read information about limited liability companies and interpret it correctly

Additional Learning

To learn more about this kind of company, review the corresponding lesson called The Basics of LLCs: Limited Liability Companies. This lesson will help you:

  • Determine what articles of organization are
  • Understand the purpose of an operating agreement
  • Learn who is a 'member' of an LLC
  • Identify characteristics of a limited liability company
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