Operating agreement and bank account (step 5 of 6)

Check what you learned

10 questions from this lesson. Answers are checked as you go; nothing is recorded.

1. 1 / 10

   What document explains how an LLC is run and is kept by the owner, not filed with the state?

   ATax returnBOperating agreementCArticles of OrganizationDBusiness license
   Hint

   Look for the term that describes internal affairs.

2. 2 / 10

   Which of these is NOT one of the questions a single-member operating agreement usually covers?

   AHow money goes in and comes outBWhat the state tax filing deadline isCHow the LLC is dissolved and who handles itDWho owns the LLC and in what share
   Hint

   The agreement is about how the company runs.

3. 3 / 10

   When should a single‑member LLC open its business bank account?

   AAfter the beneficial ownership report is filedBAfter the EIN is issuedCAfter the local registration is completedDAfter the operating agreement is signed
   Hint

   The lesson says to open the account as soon as the EIN arrives.

4. 4 / 10

   Which documents should you bring to the bank when opening the business account?

   AEIN confirmation, tax return, operating agreementBEIN confirmation, personal ID, operating agreementCPersonal bank statement, EIN confirmation, operating agreementDEIN confirmation, filed Articles, operating agreement
   Hint

   The lesson lists the items to bring.

5. 5 / 10

   What is the rule for handling client payments and practice expenses in the business account?

   AClient payments go to the business account, expenses to the personal accountBClient payments and expenses go through the business account onlyCAll client payments go to the personal accountDAll practice expenses come from the personal account
   Hint

   The lesson states a single rule without exception.

6. 6 / 10

   Which local registration may be required for a practice in Portland?

   APortland Business License TaxBMetro Supportive Housing Services taxCMultnomah County Business Income TaxDAll of the above
   Hint

   The lesson lists three taxes that trigger registration.

7. 7 / 10

   As of September 2026, U.S. domestic LLCs are exempt from filing Beneficial Ownership Information with FinCEN. What must you do before relying on this exemption?

   AAssume the exemption applies to all LLCsBIgnore the ruleCCheck fincen.gov/boi yourselfDFile a report anyway
   Hint

   The lesson warns to verify the current status.

8. 8 / 10

   Which entity remains subject to the Beneficial Ownership Information reporting requirement?

   AOnly single‑member LLCsBForeign entities registered to do business in a U.S. stateCAll U.S. companiesDDomestic LLCs
   Hint

   The lesson specifies the exception.

9. 9 / 10

   What is the primary purpose of keeping a separate bank account for the LLC?

   ATo avoid paying taxesBTo qualify for business loansCTo keep practice money and obligations separate from personal financesDTo simplify payroll for employees
   Hint

   The lesson explains the separation of money.

10. 10 / 10

    Which step is NOT mentioned as part of the post‑filing process in the lesson?

    AWrite and sign a short operating agreementBOpen the business bank accountCCheck local business registration requirementsDFile a federal tax return immediately
    Hint

    The lesson lists three actions, not a tax filing.