Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Davina is a sole proprietor who is creating a single member LLC. Which statement is TRUE about the assets and liabilities of her business? A.

Davina is a sole proprietor who is creating a single member LLC. Which statement is TRUE about the assets and liabilities of her business?

A. All lenders will automatically transfer Daviana's existing debt to the LLC.

B. Davina may not convert the assets to personal use.

C. Davina should transfer the nonresidential real property she owns into the LLC name.

D. Davina should continue to use her personal bank accounts for the business.

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Auditing A Practical Approach With Data Analytics

Authors: Raymond N. Johnson, Laura Davis Wiley, Robyn Moroney, Fiona Campbell, Jane Hamilton

2nd Edition

1119786045, 978-1119785996

More Books

Students also viewed these Accounting questions