Question

The abstract is a concise summary that conveys the essential information contained in the journal article. It should be written in your own words! The purpose of an abstract is to give the reader sufficient information for him or her to decide whether reading the entire article would be worthwhile. The last paragraph of the abstract should contain your opinion of the article. On the cover page, the abstract must contain the name of the article, the name(s) of the author(s), the name of the journal, the volume number of the journal, the date of the journal, and the page numbers of the original article. Your name and section number should be placed on the top left corner of the cover page. Articles to be summarized must be selected from journals published in 2017 or 2018. You may choose articles from the following journals: Accounting Horizons The CPA Journal The Financial Executive Journal of Accountancy

Answer 1

Name of Article : The Pros and Cons of LLCs

Name of Author : Walter D Schwidetzky

Name of the Journal : Journal Of Accountancy

Volume Number of Journal: December 2018

Date: December 1, 2018

Page Numbers:Not Available

Summary Of Article:

These article explains features of LLC and also benefits & Limitations as well as developments in LLC's. As it will start from member limit till tax compliance prospective. it also explains the evolution of tax concepts and uniform legislative enactments in all states.

Article mainly runs through liability Shield in capacity of members, Series LLC's adoption by states, Purpose of LLC, Operating Agreements and Operational Management. In the main content there is a brief comparison of LLP's and LLC's

In the very next paragraph article specifies reasons for predominate of LLC i.e Protection from Creditors,Limited transfer rights,Fiduciary duties and Agency law. At last it explains Challenges faced by LLC's

Opinion:

Article provides various knowledge points in view of LLC and its usage in the context of business and tax prospective. Overall article provide deep insights related to LLC and its Challenges as well as benefits.