Select a limited liability company statute in your state or a state near you, and determine the answers to the following questions based upon that statute:

a. What is the longest permissible period of duration for the limited liability company?

b. Is the company managed by members or managers?

(1) If the company is managed by managers, how are they elected?

(2) If the company is managed by members, how do they meet and vote on management matters?

c. Can a membership interest be transferred without the consent of the other members? If consent is required, what percentage of members must approve a transfer of a membership interest?

d. What type of consideration is permitted for the purchase of a membership interest?

e. What types of business may the limited liability company lawfully conduct?

f. Under what circumstances will the limited liability company dissolve? Can the members continue the business after dissolution?