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- While sole proprietorships and corporations are the most popular forms of business organization, the limited liability company (LLC) is a close third. Limited liability companies are treated like partnerships in the majority of situations. Why do you think LLCs are gaining in popularity?Forming a limited liability company is one of the best ways to protect personal finances from business debts and obligations. Which of the following describes another advantage of forming an LLC? a) LLCs aren't recognized as legal entities by the government. b) LLCs allow business owners to be tax exempt. c) LLCs offer more flexibility when compared to corporations. d) LLCs pay taxes to the IRS directly, which makes filingIs forming a corporation does not have the same advanatges as forming an LLC, but the cost are likely to be higher? Please answer immediately :) Thank you
- Write T if the statement is correct and F if the statement is incorrect. On the space provided, explain using the concepts discussed why your answer to a statement is T or F. 1. A person of minor age can be a shareholder but can never be an incorporator in a corporation. 2. A corporation can be an incorporator in another corporation. 3. A share certificate can be issued to those subscribers who partially paid their subscriptions. 4. A corporation or business partnership can be an incorporator but not a corporator. 5. All partnership can be an incorporator in a corporation. 6. On January 10,2021, Ana paid 90% of her subscription in Jollibee Foods Corporation. She will receive her certificate of stock on January 10,2021. 7. Continued inoperation of a corporation for at least 5 consecutive years will result in its certificate of incorporation being deemed revoked. 8. In case of conflict between the by-laws and the corporation code, the code shall prevail.What is a limited liability corporation? Discuss its advantagesand disadvantages. You can search the Internet for thebrief IRS Publication 3402, Taxation of Limited LiabilityCompanies, which includes a section describing this newerform of business organization.what are the advantages of an LLC versus operating as a C Corporation, and S Corporation.
- Like a statutory close corporation, a limited liability company: a) follows the same state laws that C corporations follow. () b) files articles of incorporation outlining operational and organizational levels. ) c) can have no more than 50 shareholders. ) d) is not required to elect a board of directors or hold annual stockholders' meetings.A C corporation can be described as: (a) A business that is separate and distinct from its owners, allowing the owners to conduct business while limiting their personal liability. (b) A business association defined by federal statute. (c) A legal entity that has more than one shareholder. (d) A type of corporation where owners have limited liability, and income, expenses, and deductions flow through to the shareholders and are taxed only at the shareholder level.Discuss when a member of a limited liability company does or does not have the following rights or powers: (a) to assign her interest in the LLC, (b) to receive repayment of loans made to the LLC on a pro rata basis with general creditors, (c) to manage the affairs of the LLC, and (d) to dissolve the LLC upon her withdrawing from the LLC.
- Which of the following statements is true related to the conversion of a regular corporation to a limited liability company taxed as a partnership? A. In the conversion of a C corporation to an LLC taxed as a partnership, the transfer of appreciated assets from the liquidating corporations is not taxed at the corporate level. B. The corporation can contribute it's assets and liabilities into the new LLC in exchange for ownership interests. The corporation then distributes the LLC interests to it's shareholders in liquidation of the shareholders corporate stock. C. If the corporation distributes it's assets and liabilities to it's shareholders in liquidation of the new corporation, the shareholders are restricted from contributing these assets into the new partnership. D. The existence of substantially appreciated intangibles and goodwill with little or no tax basis has no consequences when converting a C corporation to an LLC1. The following are the attributes of a corporation, except * A. It is an artificial being. B. It is created as a product of the agreement of the incorporators. C.It can enjoy perpetual existence. D. It is functions within the limits granted to it by law. 2. The following corporations are governed by the Revised Corporation Code, except: * A. Stock corporation B. Close corporation C. Public corporation D. Government-owned and controlled corporations 3. In applying the doctrine of piercing the veil of corporate fiction, the following factors may be considered, except: * A. The identity of controlling stockholders in two corporations B. The identity of those who compose the governing body of the subject corporations C.The identity of the stockholders3 D. The internal control system referring to the manner of keeping corporate books and recordsNOTE: ANSWER ALL WITH TRUE OR FALSE 2. A corporation can be general partner in a partnership.3. A public corporation is one formed for the government of a portion f the state. 4. All incorporators are subscribers but a subscriber need not be an incorporators.5. A partnership can be corporator in a corporation.6. A shareholder in a corporation does not have the right to transact corporate businessor to intervene in the management of the business.7. A corporation can come into existence by mere agreement of the parties as in the caseof partnerships.8. Eleemosynary corporations are those organized for public charity.9. Shares of stock cannot be transferred without the consent of the other shareholders.10. Shareholders may be natural or juridical persons.11. Death of s shareholder will dissolve the corporation.12. A de jure corporation is a corporation existing in fact and in law.13. Shares without par may be issued for a consideration less than P5.00 per share.14. A corporation may be an…