Answer the following questions using 100 words or less.  Each prompt is worth 5 points. Why are LLCs and partnerships attractive to businesspersons? Why might the members of an LLC prefer to put the terms of their operating agreement in writing? What is the difference between an LLC and a limited liability partnership (LLP)? Should fraud be required to pierce the veil of an LLC?

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Answer the following questions using 100 words or less.  Each prompt is worth 5 points.

  1. Why are LLCs and partnerships attractive to businesspersons?
  2. Why might the members of an LLC prefer to put the terms of their operating agreement in writing?
  3. What is the difference between an LLC and a limited liability partnership (LLP)?
  4. Should fraud be required to pierce the veil of an LLC?

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