Liberty BUSI 301 Connect Homework Chapter 14 Answers Complete Solutions
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LLC is a hybrid business entity that shares characteristics of both and partnerships.
The members of an LLC agree on how to operate the business in a(n) agreement.
LaTonya is a member in an LLC that has applied to Big Bank for a business loan. Big Bank knows that an LLC member is not personally responsible for the debts of the company. How will Big Bank protect itself in case the LLC defaults on the loan?
Which of the following is required to meet the RULLCA’s definition of being insolvent?
Managers of an LLC owe the members the duties of care and loyalty.
The protections from personal liability provided by a limited liability partnership the same in each state.
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In a limited liability partnership (LLP), the partnership itself is not taxed, but partners will pay income tax at their personal rated when profits are distributed to them.
The LLP agreement normally controls the amount and methods of capitalizing the business.
A business entity that shares characteristics of both partnerships and corporations is an LLC, or limited liability .
Before lending an LLC money, a lender may require the owners to provide a personal so that the owner will still be liable for the company’s debt.
If an LLC has total assets less than the sum of its liabilities and it cannot pay its debts in the ordinary course of business, the LLC is considered under the RULLCA.
The following are traditional ways an LLP are capitalized:
Lenders know that LLC members are protected from personal liability for the company’s debts, and so may require the owners to sign personal before lending the company money.
A call is the collection of additional contributions from LLP partners.
LLCs typically obtain capital through: (Check all that apply.)
The RULLCA sets forth nonwaivable statutory provisions related to the liability of the the LLC and its members.
Some states will provide partners in an LLP with limited liability only when the liability arises from another partner’s:
Which of the following is (are) true about the RULLCA:
Dissolution or liquidation of an llc is most likely to occur
Llc’s may be taxed as: (Check all that apply.)
Most states have what uniform statue as the model for the governance of llcs?
An LLP typically acquires capital for operations by:
Llc’s typically acquires capital through
Only Carlos has any business interest or experience, how should they best structure their llc
Identifies matters than can’t be waived by the operating agreement related to llc and member liability and it confirms that the operating agreement can include specific penalties for member noncompliance
Basic information required by the state to create an LLC typically includes the name of both the business and its , as well as its principal location.
A binding judgment that sets out the legal rights and responsibilities of the parties, but doesn’t provide specific enforcement, is a(n) judgment.