According to Den Uyl, limited liability is:
According to Den Uyl, limited liability is:
Homework Answers
"Limited liability for debts is not a special privilege because it isn't guaranteed: creditors can refuse credit. With respect to torts, limited liability is not necessarily granted to all shareholders: It depends on how active they are in management. The state merely recognizes degrees of involvement, not special privileges."
Which of the following is not a characteristic of a limited liability company? a. limited legal liability b. taxable...
Which of the following is not a characteristic of a limited liability company? a. limited legal liability b. taxable c. unlimited life d. moderate ability to raise capital
In a limited partnership, the liability of the limited partners generally is restricted to the amount...
In a limited partnership, the liability of the limited partners generally is restricted to the amount of funds that they have invested in the company but the general partners have unlimited liability.
The formation of a limited liability company requires substantial compliance with a state's limited liability company...
The formation of a limited liability company requires substantial compliance with a state's limited liability company statute. Which of the following is needed to comply with a state's statute? a. The LLC statutes generally require the central filing of articles of organization. b. Each member must contribute a proportionate share of cash, depending on the number of members to fund the business. c. A designation of "company" or "corporation" in the name of the business. d. A statement of limitation...
Consider each of the following forms of business: sole proprietorship, partnership, limited liability partnership, limited liability...
Consider each of the following forms of business: sole proprietorship, partnership, limited liability partnership, limited liability company, S corporation, franchise, and C corporation. Choose THREE of these forms, and develop a scenario in which each of these forms of business would be the preferred form. For each scenario, justify why the corresponding business form is preferred.
Which of the following is not a characteristic of a limited liability company?
Which of the following is not a characteristic of a limited liability company? a. Limited liability b. Unlimited life c. Always taxed as a corporation d. Generally has an operating agreement drawn up by an attorney
True or False: A limited liability company (LLC) is taxed like a partnership but provides limited...
True or False: A limited liability company (LLC) is taxed like a partnership but provides limited liability for itsowners, similar to a corporation.
Limited liability is one of the benefits to shareholders of a limited company explain the meaning...
Limited liability is one of the benefits to shareholders of a limited company explain the meaning limited liability? (3 marks) Provide an example of the conflicts of interest between shareholders and managers. (4 marks) Briefly discuss the significance of capital budgeting? (6 marks) Write short notes on the following: Mutually exclusive projects (3 marks) independent projects (3 marks) Accounting rate of return (3 marks) Internal rate of return (3 marks)
Which of the following are advantages of corporations: Ease of transfer and double taxation Limited liability...
Which of the following are advantages of corporations: Ease of transfer and double taxation Limited liability and double taxation Limited life and limited liability Ease of transfer and limited liability
Which of the following statements is true as it relates to limited liability partnerships? A. Only...
Which of the following statements is true as it relates to limited liability partnerships? A. Only senior partners are liable for the partnership's debts. B. Partners are personally liable for the acts of those under their supervision. C. Partners have no liability in a limited liability partnership arrangement. D. All partners must be AICPA members.
Extra Exercise: MCQ1 Is the concept of a company the same as limited liability? Choose the...
Extra Exercise: MCQ1 Is the concept of a company the same as limited liability? Choose the most appropriate response. a. Every entity created under legislation has automatic separate legal entity from its members and limited liability for its managers; this has always been the case b. Yes, every company has limited liability. The concept of a separate legal entity means that a company has limited liability for its debts and obligations c. The ability to create a separate legal entity...
Which of the following is not a characteristic of a limited liability company? a. limited legal liability b. taxable c. unlimited life d. moderate ability to raise capital
Extra Exercise: MCQ1 Is the concept of a company the same as limited liability? Choose the most appropriate response. a. Every entity created under legislation has automatic separate legal entity from its members and limited liability for its managers; this has always been the case b. Yes, every company has limited liability. The concept of a separate legal entity means that a company has limited liability for its debts and obligations c. The ability to create a separate legal entity...
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