Stockholders accept personal liability for the debts of a company as they are the owners of...
Stockholders accept personal liability for the debts of a company as they are the owners of the company. True or false?
Homework Answers
TRUE
The stockholders of a firm take the full liability of the company's debt as they have a residual interest in the firm. This means that they will receive the profit which is left after paying off all the debt, salaries and taxes.
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Stockholders accept personal liability for the debts of a
company as they are the owners of...
Which of the following is a definition of limited liability? O A. Owners are not personally...
Which of the following is a definition of limited liability? O A. Owners are not personally liable for the debts of the corporation. OB. The owners investment in the business is limited to a certain percentage. OC. Owners are personally liable for the debts of the corporation. OD. Creditors' claims can be satisfied only by the assets of the corporation and the individual owners.
The formation of a corporation is a way to circumvent personal liability True or False 1:31...
The formation of a corporation is a way to circumvent personal liability True or False 1:31 True False
withdrawls of cash and other assets by the owner for personal reasons decrease owners equity. true...
withdrawls of cash and other assets by the owner for personal reasons decrease owners equity. true or false
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.
Question 21 1 pts Owners of a corporation are called Owners of a limited liability company...
Question 21 1 pts Owners of a corporation are called Owners of a limited liability company are called Question 22 1 pts If a plaintiff sues a partnership of seven (7) people and will be able to proceed in litigation against only five (5) people, for a valid judgment, what sort of liability must the jurisdiction apply?
Cash paid to stockholders by the business of a corporation and used for personal expenses, should...
Cash paid to stockholders by the business of a corporation and used for personal expenses, should be treated as an expense of the business. O True False 2020 M
5. Complete the following statements: Resources of the company are: Debts and obligations of the company...
5. Complete the following statements: Resources of the company are: Debts and obligations of the company are: Owners' claims to company resources are: The costs of providing goods & services are: Amounts earned for selling goods & services are: Cash distributions to stockholders are: The difference between revenues & expenses is: 6. Financial statements are prepared in the follow order: - an
Jada is starting a restaurant. To limit her personal liability for the business's debts, Jada could...
Jada is starting a restaurant. To limit her personal liability for the business's debts, Jada could form a (a) corporation (b) limited liability company (c) general partnership (d) both choices (a) and (b) are correct (e) all of the above Barry Jones and Anne Smith co-own a bowling alley called "Lake City Lanes". No documents related to the formation or operation of the business has ever been filed in either the Country Clerk's Office or in the NYS Department of...
What are the disadvantages of establishing the company as a sole proprietor from a personal liability...
What are the disadvantages of establishing the company as a sole proprietor from a personal liability and tax perspective
1. The limited liability company may elect to be manager-managed rather than member-managed, which means that...
1. The limited liability company may elect to be manager-managed rather than member-managed, which means that only authorized members may legally bind the corporation. a. True b. False 2. A corporation is a separate entity for accounting purposes but not for legal purposes. a. True b. False — 3. When compared to a corporation, one of the major disadvantages of the partnership is its limited life. a. True b. False _ 4. Each partner may withdraw the assets he or...
Which of the following is a definition of limited liability? O A. Owners are not personally liable for the debts of the corporation. OB. The owners investment in the business is limited to a certain percentage. OC. Owners are personally liable for the debts of the corporation. OD. Creditors' claims can be satisfied only by the assets of the corporation and the individual owners.
The formation of a corporation is a way to circumvent personal liability True or False 1:31 True False
Question 21 1 pts Owners of a corporation are called Owners of a limited liability company are called Question 22 1 pts If a plaintiff sues a partnership of seven (7) people and will be able to proceed in litigation against only five (5) people, for a valid judgment, what sort of liability must the jurisdiction apply?
Cash paid to stockholders by the business of a corporation and used for personal expenses, should be treated as an expense of the business. O True False 2020 M
5. Complete the following statements: Resources of the company are: Debts and obligations of the company are: Owners' claims to company resources are: The costs of providing goods & services are: Amounts earned for selling goods & services are: Cash distributions to stockholders are: The difference between revenues & expenses is: 6. Financial statements are prepared in the follow order: - an
What are the disadvantages of establishing the company as a sole proprietor from a personal liability and tax perspective
1. The limited liability company may elect to be manager-managed rather than member-managed, which means that only authorized members may legally bind the corporation. a. True b. False 2. A corporation is a separate entity for accounting purposes but not for legal purposes. a. True b. False — 3. When compared to a corporation, one of the major disadvantages of the partnership is its limited life. a. True b. False _ 4. Each partner may withdraw the assets he or...
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