All Related Questions of Limited Liability

Q: Explain how liabilities of an LLC or an S corporation affect the

Explain how liabilities of an LLC or an S corporation affect the amount of tax losses from the entity that limited liability company members and S corporation shareholders may deduct. Do the tax rules...

Q: If limited liability companies and S corporations are both taxed as flow

If limited liability companies and S corporations are both taxed as flow-through entities for tax purposes, why might an owner prefer one form over the other for tax purposes? List separately the tax...

Q: What is an operating agreement for an LLC? Are operating agreements

What is an operating agreement for an LLC? Are operating agreements required for limited liability companies? If not, why might it be important to have one?

Q: : Dave and his friend Stewart each own 50 percent of KBS

Dave and his friend Stewart each own 50 percent of KBS. During the year, Dave receives $75,000 compensation for services he performs for KBS during the year. He performed a significant amount of work...

Q: Richard Meyer and two friends from law school recently formed Meyer and

Richard Meyer and two friends from law school recently formed Meyer and Associates as a limited liability partnership (LLP). Income from the partnership will be split equally among the partners. The p...

Q: Laura Davis is a member in a limited liability company that has

Laura Davis is a member in a limited liability company that has historically been profitable but is expecting to generate losses in the near future because of a weak local economy. In addition to the...

Q: What are the main advantages of (a) Proprietorships,

What are the main advantages of (a) Proprietorships, (b) Partnerships, and (c) Limited liability companies?

Q: Lester, Torres, and Hearst are members of Arcadia Sales,

Lester, Torres, and Hearst are members of Arcadia Sales, LLC, sharing income and losses in the ratio of 2:2:1, respectively. The members decide to liquidate the limited liability company. The members’...

Q: Martin Farley and Ashley Clark formed a limited liability company with an

Martin Farley and Ashley Clark formed a limited liability company with an operating agreement that provided a salary allowance of $40,000 and $30,000 to each member, respectively. In addition, the ope...

Q: What are the disadvantages of a partnership over a limited liability company

What are the disadvantages of a partnership over a limited liability company form of organization for a profit-making business?

Q: What are the major features of a partnership agreement for a partnership

What are the major features of a partnership agreement for a partnership or an operating agreement for a limited liability company?

Q: Which of the following is a characteristic of a corporation?

Which of the following is a characteristic of a corporation? a. No income tax b. Mutual agency c. Limited liability of stockholders d. Both a and b

Q: A company is being created and the owners are trying to decide

A company is being created and the owners are trying to decide whether to form a general partnership,a limited liability partnership, or a limited liability company. What are the advantages anddisadva...

Q: A client of the CPA firm of Harston and Mendez is a

A client of the CPA firm of Harston and Mendez is a medical practice of seven local doctors. One doctor has been sued for several million dollars as the result of a recent operation. Because of what a...

Q: Molson Coors Brewing Company (Molson Coors) is the fifth-

Molson Coors Brewing Company (Molson Coors) is the fifth-largest brewer in the world. It is one of the leading brewers in the United States and Canada; the company’s brands include Coors, Molson Canad...

Q: a. Keith Thomas and Thomas Brooks began a new consulting business

a. Keith Thomas and Thomas Brooks began a new consulting business on January 1, 2017. They organized the business as a C corporation, KT, Inc. During 2017, the corporation was successful and generated...

Q: Which of the following can be shareholders of an S corporation?

Which of the following can be shareholders of an S corporation? a. Partnership. b. Limited liability partnership. c. Corporation. d. One-member limited liability company

Q: What is the difference between a general partnership and a limited liability

What is the difference between a general partnership and a limited liability company? When might each type of entity be used? Why?

Q: Alan Waung, a Hong Kong businessperson, purchased a golf course

Alan Waung, a Hong Kong businessperson, purchased a golf course in Saginaw, Michigan, as an investment. As an avid golfer, Alan anticipates spending several weeks during the year at his “ Northern Pin...

Q: Sabastian Hafner joined a start-up business with a business plan

Sabastian Hafner joined a start-up business with a business plan focused on making breads without common food allergens, such as wheat, yeast, dairy, and gluten, to be marketed in a major metropolitan...

Q: John and Amelia have general commitments from a number of individuals to

John and Amelia have general commitments from a number of individuals to invest in their Sproondrift Cove Club golf course and distinctive residential community in Duval County. John wants to form a l...

Q: Ralph and Maureen K. Hagan (collectively Hagan) owned the

Ralph and Maureen K. Hagan (collectively Hagan) owned the Stuart Court Apartments in Richmond, Virginia. On April 30, 1994, Hagan executed an agreement with Adams Property Associates, Inc. (Adams), gi...

Q: Gladys Boles and 28 other owners of property at Hidden Valley Lakes

Gladys Boles and 28 other owners of property at Hidden Valley Lakes Development sued the corporate developer, National Development Co. Inc. (NDC); NDC ’ s parent, Sunstates Corporation; and the indivi...

Q: Ed Klein was the sole shareholder, director, and chief executive

Ed Klein was the sole shareholder, director, and chief executive officer of The Gun Exchange, Inc., a retail firearms dealership. The inventory of The Gun Exchange had been pledged as security for a $...

Q: Birt was a hospital patient. The doctor who treated him was

Birt was a hospital patient. The doctor who treated him was a shareholder of a professional corporation organized under the Indiana Medical Professional Corporation Act. Birt claimed that the doctor w...

Q: What is limited liability? Why does the government grant limited liability

What is limited liability? Why does the government grant limited liability to the owners of corporations?

Q: Why is limited liability more important for firms trying to raise funds

Why is limited liability more important for firms trying to raise funds from a large number of investors than for firms trying to raise funds from a small number of investors?

Q: Jace Seaton is a single taxpayer living in Eugene, Oregon.

Jace Seaton is a single taxpayer living in Eugene, Oregon. From 2013 to 2016, he worked as the CEO of Wengren & Jeffers, a local architectural firm. In 2017, he left the firm to start his own company...

Q: Lavonne just completed medical school and residency. She plans to open

Lavonne just completed medical school and residency. She plans to open her medical practice soon. She is not familiar with the intricacies of accounting methods and periods. On advice of her attorney,...

Q: Which of the following corporate forms are exempt from the PHC tax

Which of the following corporate forms are exempt from the PHC tax? The accumulated earnings tax? a. Closely held corporations b. S corporations c. Professional corporations d. Tax-exempt organiza...

Q: Summitt Corporation has manufactured and distributed basketball equipment for 20 years.

Summitt Corporation has manufactured and distributed basketball equipment for 20 years. Its owners would like to avoid the corporate income tax and are considering becoming a limited liability company...

Q: Which of the following entities are includible in an affiliated group (

Which of the following entities are includible in an affiliated group (if the 80% stock ownership requirements are met)? a. Domestic C corporation. b. Foreign corporation. c. Life insurance company...

Q: Define each of the following terms: a. Proprietorship;

Define each of the following terms: a. Proprietorship; partnership; corporation b. Limited partnership; limited liability partnership; Professional Corporation c. Stockholder wealth maximization d. Pr...

Q: Lance and Rodney are contemplating starting a new business to manufacture computer

Lance and Rodney are contemplating starting a new business to manufacture computer software games. They expect to encounter losses in the initial years. Lance’s CPA has talked to them about using an S...

Q: What are the advantages of a firm being formed as a limited

What are the advantages of a firm being formed as a limited liability company (LLC) instead of as a limited partnership?

Q: Three individuals recently formed Krypton Company as a limited liability company (

Three individuals recently formed Krypton Company as a limited liability company (LLC). The three individuals—Jeff, Susan, and Richard—own equal interests in the company, and they all have substantial...

Q: In each of the following cases, determine the corporations that comprise

In each of the following cases, determine the corporations that comprise an affiliated group. All corporations are includible corporations and have one class of stock unless otherwise indicated. a. P...

Q: ABC Company, a limited liability company (LLC) organized in

ABC Company, a limited liability company (LLC) organized in the state of Florida, reports using a calendar tax year­end. The LLC chooses to be taxed as a partnership. Alex, Bob, and Carrie (all calend...

Q: (Supplement B) List and briefly explain the three primary services

(Supplement B) List and briefly explain the three primary services that CPAs in public practice provide. Supplement B: Employment in the Accounting Profession Today: Since 1900, accounting has attain...

Q: (Supplement A) Briefly differentiate between a sole proprietorship, a

(Supplement A) Briefly differentiate between a sole proprietorship, a partnership, and a corporation. Supplement A: Types of Business Entities: This textbook emphasizes accounting for profit-making b...

Q: Can a sole proprietor form as a single-member limited liability

Can a sole proprietor form as a single-member limited liability company (LLC)? If so, how would such an LLC be taxed?

Q: Compare and contrast the characteristics of sole proprietorships, partnerships, corporations

Compare and contrast the characteristics of sole proprietorships, partnerships, corporations, S corporations, limited liability companies, and limited liability partnerships.

Q: How is a limited liability company different from a corporation?

How is a limited liability company different from a corporation?

Q: How is a limited liability partnership different from a partnership?

How is a limited liability partnership different from a partnership?

Q: Armand is an owner of Content Company. During the current year

Armand is an owner of Content Company. During the current year, he receives a $15,000 cash distribution from Content. What is the tax effect of the receipt of the $15,000 if Content is organized as:...

Q: A limited liability company is becoming a common business form, with

A limited liability company is becoming a common business form, with most states having passed legislation allowing this entity form. Use the Internet to find out more information about LLCs. Use se...

Q: Describe the major taxation advantages of a limited liability company or a

Describe the major taxation advantages of a limited liability company or a subchapter S corporation over a regular corporation.

Q: Describe the major characteristics of a limited liability company.

Describe the major characteristics of a limited liability company.

Q: Rolf Lee is also considering organizing the Capital-Ideas Company as

Rolf Lee is also considering organizing the Capital-Ideas Company as a limited liability company. A. Use information contained in Problem 6 to estimate the federal income tax liability in the second y...

Q: Joe, a student, asks your help in understanding some characteristics

Joe, a student, asks your help in understanding some characteristics of a corporation. Explain each of these to Joe. (a) Separate legal existence. (b) Limited liability of stockholders. (c) Transferab...

Q: Cal Cagle was working to establish a business enterprise with four of

Cal Cagle was working to establish a business enterprise with four of his wealthy friends. Each of the five individuals would receive a 20 percent ownership interest in the company. A primary goal of...

Q: What is a limited liability company? Discuss its advantages and disadvantages

What is a limited liability company? Discuss its advantages and disadvantages.

Q: Clearly, limited liability is an important aspect of doing business globally

Clearly, limited liability is an important aspect of doing business globally. Why might a nation limit the number of member-owners in a limited liability entity?

Q: What advantages do limited liability partnerships offer to businesspersons that are not

What advantages do limited liability partnerships offer to businesspersons that are not offered by general partnerships?

Q: How are limited liability companies formed, and who decides how they

How are limited liability companies formed, and who decides how they will be managed and operated?

Q: What are the two options for managing limited liability companies?

What are the two options for managing limited liability companies?

Q: What advantages do limited liability companies offer to businesspersons that are not

What advantages do limited liability companies offer to businesspersons that are not offered by sole proprietorships or partnerships?

Q: William Sharp was the sole shareholder and manager of Chickasaw Club,

William Sharp was the sole shareholder and manager of Chickasaw Club, Inc., an S corporation that operated a popular nightclub of the same name in Columbus, Georgia. Sharp maintained a corporate check...

Q: John, Lesa, and Trevor form a limited liability company.

John, Lesa, and Trevor form a limited liability company. John contributes 60 percent of the capital, and Lesa and Trevor each contribute 20 percent. Nothing is decided about how profits will be divide...

Q: Joe, a resident of New Jersey, wants to open a

Joe, a resident of New Jersey, wants to open a restaurant. He asks his friend Kay, who is an experienced attorney and a New Yorker, for her business and legal advice in exchange for a 20 percent owner...

Q: How do sole proprietorships, general partnerships, limited liability companies,

How do sole proprietorships, general partnerships, limited liability companies, S corporations, and C corporations differ?

Q: You have been approached by a close family friend who is putting

You have been approached by a close family friend who is putting together a limited liability company to purchase a condominium complex near Cocoa Beach in Florida. He is asking you, along with a numb...

Q: What are the advantages and disadvantages of a limited liability company?

What are the advantages and disadvantages of a limited liability company?

Q: Is a limited liability company an appropriate form of ownership for an

Is a limited liability company an appropriate form of ownership for an aggressive entrepreneurial firm? Why or why not?

Q: John and Jacqueline Stowers are the sole owners of Manna, a

John and Jacqueline Stowers are the sole owners of Manna, a limited liability company registered to do business in the state of Ohio. Manna is a family-run enterprise that sells food and other product...

Q: John Palmer and Henry Morrison formed the limited partnership of Palmer &

John Palmer and Henry Morrison formed the limited partnership of Palmer & Morrison for the management of the Huntington Hotel. The limited partnership agreement provided that Palmer would contribute $...

Q: Fox, Dodge, and Gilbey agreed to become limited partners in

Fox, Dodge, and Gilbey agreed to become limited partners in Palatine Ventures, a limited partnership. In a signed writing each agreed to contribute $20,000. Fox’s contribution consisted entirely of ca...

Q: Kraft is a limited partner of Johnson Enterprises, a limited partnership

Kraft is a limited partner of Johnson Enterprises, a limited partnership. As provided in the limited partnership agreement, Kraft decided to leave the partnership and demanded that her capital contrib...

Q: Gordon is the only limited partner in Bushmill Ventures, a limited

Gordon is the only limited partner in Bushmill Ventures, a limited partnership whose general partners are Daniels and McKenna. Gordon contributed $10,000 for his limited partnership interest and loane...

Q: Albert, Betty, and Carol own and operate the Roy Lumber

Albert, Betty, and Carol own and operate the Roy Lumber Company, a limited liability partnership. Each contributed one-third of the capital, and they share equally in the profits and losses. Their LLP...

Q: On April 5, Handy contracted to purchase land with the intent

On April 5, Handy contracted to purchase land with the intent of forming a limited liability company (LLC) with Ginsburg and McKinley for the purpose of building a residential community on the propert...

Q: Assume that you are studying for an upcoming accounting exam with a

Assume that you are studying for an upcoming accounting exam with a good friend. Your friend says that she has a solid understanding of general partnerships but is less sure that she understands organ...

Q: Rob, a student, asks your help in understanding some characteristics

Rob, a student, asks your help in understanding some characteristics of a corporation. Explain each of these to Rob. (a) Separate legal existence. (b) Limited liability of stockholders. (c) Transferab...

Q: A client of the CPA firm of Harston and Mendez is a

A client of the CPA firm of Harston and Mendez is a medical practice of seven local doctors. One doctor has been sued for several million dollars as the result of a recent operation. Because of what a...

Q: What are three characteristics of a sole proprietorship? Do these characteristics

What are three characteristics of a sole proprietorship? Do these characteristics differ from those of a partnership? What are three characteristics of a limited liability company that differ from tho...

Q: Waypine Enterprises reported a pretax operating loss of $84,000

Waypine Enterprises reported a pretax operating loss of $84,000 in 2014, its first year of operations, and recognized a tax benefit of $6,000, based on the assumption that $40,000 of the loss could be...

Q: A client of yours is seeking your help in understanding a number

A client of yours is seeking your help in understanding a number of issues involving various aspects of a partnership. The business under consideration is a manufacturer of custom fabricated steel bui...

Q: John Rigas founded Adelphia Communications Corporation with a $300 license in

John Rigas founded Adelphia Communications Corporation with a $300 license in 1952, took the company public in 1986, and built it into the sixth largest cable television operator by acquiring other sy...

Q: Describe limited liability companies.

Describe limited liability companies.

Q: Match each of the numbered definitions with the correct term in the

Match each of the numbered definitions with the correct term in the following list. a. articles of incorporation b. corporation c. duty of care d. duty of loyalty e. partnership f. joint venture g. li...

Q: Is it fair that in a limited partnership, the limited partner

Is it fair that in a limited partnership, the limited partner enjoys limited liability while the general partner faces unlimited liability?

Q: Indicate whether each of the following statements is true or false.

Indicate whether each of the following statements is true or false. 11. The great majority of small businesses in the United States are organized as limited liability companies. 12. The major disadvan...

Q: 1. A sole proprietorship: A. Must file a

1. A sole proprietorship: A. Must file a tax return B. Requires no formal steps for its creation C. Must register with the secretary of state D. May sell stock E. Provides limited liability to the ow...

Q: Explain why professional partnerships such as physicians’ groups organize as limited liability

Explain why professional partnerships such as physicians’ groups organize as limited liability partnerships?

Q: BMW North America, LLC and Rolls-Royce Motor Cars NA

BMW North America, LLC and Rolls-Royce Motor Cars NA, LLC distribute luxury automobiles, automobile parts, and lifestyle items in the United States. These companies and their parent and affiliate comp...

Q: Richtone Design Group LLC (Richtone) is a New York limited

Richtone Design Group LLC (Richtone) is a New York limited liability company (LLC) that owns the copyright to the Pilates Teacher Training Manual and licenses fitness instructors to teach pilates exer...

Q: Is limited liability a meaningful concept? Why or why not?

Is limited liability a meaningful concept? Why or why not? And if so, for whom?

Q: Describe how the following securities allow investors to participate in the real

Describe how the following securities allow investors to participate in the real estate market. a. Stock in real estate–related companies b. Real estate limited partnerships (LPs) or limited liabilit...

Q: (a) According to IAS 21 The Effects of Changes in

(a) According to IAS 21 The Effects of Changes in Foreign Exchange Rates, how should a company decide what its functional currency is? (b) Until recently Eufonion, a UK limited liability company, repo...

Q: You work for Euroc, a limited liability company, which seeks

You work for Euroc, a limited liability company, which seeks growth through acquisitions. You are a member of a team that is investigating the possible purchase of Choggerell, a limited liability comp...

Q: Harry is about to start negotiations to purchase a controlling interest in

Harry is about to start negotiations to purchase a controlling interest in NX, an unquoted limited liability company. The following is the statement of financial position of NX as at 30 June 2006, the...

Q: Harold, Jasmine, Caesar, and Yuan form Microhard.com

Harold, Jasmine, Caesar, and Yuan form Microhard.com, LLC, a limited liability company, to sell computer hardware and software on the internet. Microhard.com, LLC, hires Heather, a recent graduate of...

Q: Juan, Min-Yi, and Chelsea form Unlimited, LLC

Juan, Min-Yi, and Chelsea form Unlimited, LLC, a limited liability company that operates a chain of women’s retail clothing stores that sell eclectic women’s clothing. The company is a manager-managed...

Q: Ally is a member and a manager of a manager-managed

Ally is a member and a manager of a manager-managed limited liability company called Movers & You, LLC, a moving company. The main business of Movers & You, LLC, is moving large corporations from old...

Q: Angela, Yoko, Cherise, and Serena want to start a

Angela, Yoko, Cherise, and Serena want to start a new business that designs and manufactures toys for children. At a meeting in which the owners want to decide what type of legal form to use to operat...

Q: Christopher, Melony, Xie, and Ruth form iNet.com

Christopher, Melony, Xie, and Ruth form iNet.com, LLC, a limited liability company. The 4 members are all Ph.D. scientists who have been working together in a backyard garage to develop a handheld wir...

Q: Which of the following is a characteristic of a corporation?

Which of the following is a characteristic of a corporation? a. Limited liability of stockholders b. No income tax c. Mutual agency d. Both b and c

Q: To what extent does the corporate characteristic of limited liability protect shareholders

To what extent does the corporate characteristic of limited liability protect shareholders employees who perform professional services for corporate clients?

Q: To what extent does the corporate characteristic of limited liability protect shareholders

To what extent does the corporate characteristic of limited liability protect shareholders employees who perform professional services for corporate clients?

Q: Andrea (see E13.1) has studied the information you

Andrea (see E13.1) has studied the information you gave her in that exercise and has come to you with more statements about corporations. 1. Corporation management is both an advantage and a disadvant...

Q: Mark Rensing has prepared the following list of statements about partnerships.

Mark Rensing has prepared the following list of statements about partnerships. 1. A partnership is an association of three or more persons to carry on as co-owners of a business for profit. 2. The leg...

Q: 1. Mark Kemp, a student, asks your help in

1. Mark Kemp, a student, asks your help in understanding the following characteristics of a corporation: (a) separate legal existence, (b) limited liability of stockholders, and (c) transferable owner...

Q: Indicate whether each of the following statements is true or false.

Indicate whether each of the following statements is true or false. If false, indicate how to correct the statement. ________ 1. Each partner is personally and individually liable for all partnership...

Q: Rewe, a limited liability company with an office in Germany,

Rewe, a limited liability company with an office in Germany, imported goods from the EU countries. In 1976, Rewe applied to a German agency for permission to import Cassis de Dijon. The agency respond...

Q: Solae, a U.S. limited liability company with its

Solae, a U.S. limited liability company with its principal place of business in St. Louis, Missouri, had sold soy lecithin to Hershey Canada, Inc., a Canadian corporation with its primary place of bus...

Q: A U.S. software manufacturer sold software for processing credit

A U.S. software manufacturer sold software for processing credit card charges to a U.S. limited liability company that was a wholly owned subsidiary of a German corporation. The software did not funct...

Q: How does a limited liability partnership differ from a limited partnership?

How does a limited liability partnership differ from a limited partnership?

Q: What is the principal advantage of a limited liability company?

What is the principal advantage of a limited liability company?

Q: What is the difference between a limited liability company (LLC)

What is the difference between a limited liability company (LLC) and a limited liability partnership (LLP)?

Q: 1. Which of the following businesses is the least likely to

1. Which of the following businesses is the least likely to be operated as a partnership? a. accounting firm b. doctors ’ office c. lawyers ’ office d. steel foundry 2. Which of the following statemen...

Q: Define each of the following terms: a. Proprietorship;

Define each of the following terms: a. Proprietorship; partnership; corporation; charter; bylaws b. Limited partnership; limited liability partnership; professional corporation c. Stockholder wealth m...

Q: With which of the two perspectives to business forms, conduit or

With which of the two perspectives to business forms, conduit or entity, is each of the following most consistent' a. Limited liability for the entity's owners. b. Unlimited life for the entity. c. T...

Q: Allie, who was an accounting major in college, is the

Allie, who was an accounting major in college, is the owner of a medium-size constn1ction limited liability company. She prepares the company's Schedule C each year. Due to reporting a home constructi...

Q: What does the phrase limited liability mean in a corporate context?

What does the phrase limited liability mean in a corporate context?

Q: Briefly describe the differences between a subchapter S corporation and a limited

Briefly describe the differences between a subchapter S corporation and a limited liability company.

Q: 1. In which of the following ways does a proprietorship differ

1. In which of the following ways does a proprietorship differ from a partnership? a. Number of owners b. Owner liability c. Liquidity of ownership d. Taxation 2. In what ways does a limited part...

Q: The limited liability company (LLC) may be the best organizational

The limited liability company (LLC) may be the best organizational form for most businesses. For a significant number of firms, however, the corporate form or some other form of organization may be be...

Q: Envision Printing, LLC sued Bernie Evans in a Georgia state court

Envision Printing, LLC sued Bernie Evans in a Georgia state court, alleging that he defaulted on a promissory note. Evans moved for summary judgment, asserting that he was not personally responsible f...

Q: Donald Hodge was hunting in a deer stand when its straps—

Donald Hodge was hunting in a deer stand when its straps—which held Hodge high up in a tree—failed. When the straps failed, Hodge and the deer stand fell to the ground, killing Hodge. Louisiana-based...

Q: Allison Reese and Nicole Newman were co-owners of ANR Construction

Allison Reese and Nicole Newman were co-owners of ANR Construction Management, LLC. Following disputes over management of the company, Newman notified Reese in writing that she intended to dissolve an...

Q: John, Lesa, and Tabir form a limited liability company.

John, Lesa, and Tabir form a limited liability company. John contributes 60 percent of the capital, and Lesa and Tabir each contribute 20 percent. Nothing is decided about how profits will be divided....

Q: Because LLCs are essentially just partnerships with limited liability for members,

Because LLCs are essentially just partnerships with limited liability for members, all partnership laws should apply.

Q: What are the primary tax and nontax advantages of limited liability companies

What are the primary tax and nontax advantages of limited liability companies?

Q: Until its involvement as Enron's auditor, Arthur Andersen was recognized as

Until its involvement as Enron's auditor, Arthur Andersen was recognized as one of the most respected CPA firms in the world. Arthur Andersen, as did other large CPA firms, operated as a limited liabi...

Q: The following are five independent situations. 1. Joanie Brogan

The following are five independent situations. 1. Joanie Brogan is a partner in an audit firm that operates as a limited liability partnership (LLP). The firm has been sued for an alleged audit failur...

Q: Complete the following table with either a yes or no regarding the

Complete the following table with either a yes or no regarding the attributes of a proprietorship, partner- ship, corporation, and limited liability company (LLC).

Q: Determine whether each description best refers to a sole proprietorship, partnership

Determine whether each description best refers to a sole proprietorship, partnership, corporation, or limited liability company. a. Micah and Nancy own Financial Services, which pays a business income...

Q: Schaefer v. Orth Court of Appeals of Wisconsin, 2018

Schaefer v. Orth Court of Appeals of Wisconsin, 2018 WI App 35, 382 Wis.2d 271, 915 N.W.2d 730 (2018). Background and Facts Jason Schaefer and Randy Orth created Grilled Cheese, LLC, to own and operat...

Q: Jarrell v. Conerly* Court of Appeal of Louisiana,

Jarrell v. Conerly* Court of Appeal of Louisiana, Fourth Circuit, 240 So.3d 266 (2018). Background and Facts; Jessie Conerly and Ramon Jarrell signed a letter of intent to enter into a business ventur...

Q: Reese v. Newman District of Columbia Court of Appeals,

Reese v. Newman District of Columbia Court of Appeals, 131 A.3d 880 (2016). In the Language of the Court KING, Senior Judge: * * * Allison Reese and * * * Nicole Newman were co-owners of ANR Construct...

Q: John leases an office and buys computer equipment. Initially, to

John leases an office and buys computer equipment. Initially, to pay for the lease and the equipment, he goes into the business of designing applications for smartphones. He also has an idea for a new...

Q: Determine whether each characteristic describes a general partnership (GP), limited

Determine whether each characteristic describes a general partnership (GP), limited liability company (LLC), both, or neither. a. Must pay a business (corporate) income tax. b. When the business canno...

Q: For each separate case, indicate which type of organization should be

For each separate case, indicate which type of organization should be formed. a. Sharif, Henry, and Kori want to start a tech firm. They are deciding between an S corporation and a C corporation. The...

Q: Fee and Karley had a tech business. After two unprofitable years

Fee and Karley had a tech business. After two unprofitable years, the business closed. At that point, the liabilities of the business were $100,000 larger than its assets. Under each separate situatio...

Q: Complete the following table with either a yes or no regarding the

Complete the following table with either a yes or no regarding the attributes of a sole proprietorship, partnership, corporation, and limited liability company (LLC).

Q: Namvar Taghipour, Danesh Rahemi, and Edgar Jerez formed a limited

Namvar Taghipour, Danesh Rahemi, and Edgar Jerez formed a limited liability company to purchase and develop a parcel of real estate. The LLC’s articles of organization designated Jerez as the LLC’s ma...

Q: Carolinian is a closely held, manager-managed limited liability company

Carolinian is a closely held, manager-managed limited liability company organized under the laws of South Carolina. Carolinian owns and manages various hotel and rental properties in South Carolina. I...

Q: Real Estate Analytics, LLC (REA), a limited liability company

Real Estate Analytics, LLC (REA), a limited liability company, became interested in Theodore Tee Vallas’s 14.13-acre Lanikai Lane property located in Carlsbad, California. REA’s primary goal in purcha...

Q: The law should lay down precise formats, contents and methods for

The law should lay down precise formats, contents and methods for the preparation of limited liability company accounts.’ Discuss.

Q: Do you think a small limited liability company will benefit from engaging

Do you think a small limited liability company will benefit from engaging a firm of external auditors?

Q: A limited liability company’s annual report should be made easier to understand

A limited liability company’s annual report should be made easier to understand for the average shareholder.’ Discuss. Answer: 1. This is an argument between two schools of thought: those who argu...

Q: Appleton used to operate her business as a sole trader entity.

Appleton used to operate her business as a sole trader entity. She has recently converted it into a limited liability company. Appleton owns 80 per cent of the ordinary (voting) shares, the remaining...

Q: How far do you think that the information presented in a limited

How far do you think that the information presented in a limited liability company’s financial statements is useful to the owners of a small business? Answer: 1. The information provided is littl...

Q: The concept of limited liability is an out-of-date

The concept of limited liability is an out-of-date nineteenth-century concept.’ Discuss.

Q: 9. Which of the following entities has an ownership interest that

9. Which of the following entities has an ownership interest that is divided into individual shares and profits, distributed to owners by means of the payment of dividends? (a) A school in state owne...

Q: 19. Which of the following statements about users of accounting information

19. Which of the following statements about users of accounting information is correct? (i) Most of the investment in shares through the Stock Exchange in the United Kingdom is carried out by individ...

Q: What is a limited liability company (LLC) and why has

What is a limited liability company (LLC) and why has it become a popular business entity?

Q: What is a limited liability company (LLC)?

What is a limited liability company (LLC)?

Q: What is a limited liability company (LLC)?

What is a limited liability company (LLC)?