Let’s Talk LLCs. You’re Gonna See Them.
This module dives into
LLCs - one of the bar exam’s favorite business entities. And while LLCs seem chill on the surface, the MEE loves to test them in psychotic and nuanced ways.
You can find it in the free
MEE Course.
Pretty simple. General partnerships are dangerous for this reason.
Pretty simple. General partnerships are dangerous for this reason.
We cover everything you need to spot in an essay, including::
- How LLCs are formed and why calling yourself an LLC is not enough
- Default rules vs operating agreements - and why you always check the agreement first
- The difference between member-managed and manager-managed structures
- What it means to act with actual vs apparent authority
- And how to tell when someone messed up bad enough to owe fiduciary damages
We're also breaking down:
- Duties of care and loyalty
- How profits are distributed
- What happens when someone tries to sell their interest to a totally random person
- When members can bring derivative lawsuits
- And what it really takes to pierce the veil
