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- Which of the following statements is true in relation to a limited liability company? A A limited liability company can incur liabilities in its own name B A limited liability company cannot acquire assets in its own name C A limited liability company cannot incur liabilities in its own name D A limited liability company can be formed on an informal basis by simple agreement between the first sharehopldersCharacteristics of a corporation include a.shareholders who are mutual agents b.direct management by the shareholders (owners) c.shareholders who have limited liability d.its inability to own propertyWhat are the differences in whether a limited liability company is member-managed or manager-managed? Does the election of one form of management create a difference in the fiduciary duties of members of a limited liability company? Explain your answer.
- Characteristics of a corporation include Group of answer choices shareholders who are mutual agents direct management by the shareholders (owners) its inability to own property shareholders who have limited liabilityThe following describe several different business organizations. Determine whether each description best refers to a sole proprietorship (SP), partnership (P), corporation (C), or limited liability company (LLC).What term is used to refer to denote that creditors usually may not go beyond the assets of the corporation to satisfy their claims? Group of answer choices unlimited liability limited liability double taxation mutual
- Distinguish between corporations and sole proprietorshipsin terms of the following characteristics:a. Owners’ liability for debts of the business.b. Transferability of ownership interest.c. Continuity of existence.d. Federal taxation on income.What are the similarities and differences between a limited company and a sole trader's statement of profit or loss and statement of financial position? Why is regulation important for limited companies financial statements?Explain the difference between an S corporation and a limited- liability company.
- The following describe several different business organizations. Determine whether each description bestrefers to a sole proprietorship (SP), partnership (P), corporation (C), or limited liability company (LLC). IBC Services does not have separate legal existence apart from the one person who owns it.Explain Limited Liability Companies?Which of the following characteristics of a corporation limits a stockholder's loss to the amount of his or her investment in the stock of the corporation? a. Separate legal entity b. Separation of ownership and management c. Transferability of ownership d. Limited liability