please answer all parts of the question within 30 minutes. make sure the explanation and reasons are explained in very detailed manner as in why the option is correct and why other options sre incorrect give reasons for the same , Attempt the answer only if your are 100% sure that its correct. else leave it for other tutor otherwise i will give negative ratings and will also report your answer for unprofessionalism. Make sure the answer is 100% correct and is not copied from anywhere. ATTEMPT THE QUESTION ONLY IF YOU ARE 100% CORRECT AND SURE. ELSE LEAVE IT FOR ANOTHER TUTOR. BUT PLEASE DONT PUT WRONG ANSWER ELSE I WILL REPORT.

Tamara, Alexander and Fatima start an LLC and desire to obtain partnership tax treatment for their venture. Which of the following is true O Partnerships do not pay taxes, Partners do. So each member will pay tax on their ratable share of tax attributes. O LLCs are required to pay Income taxes at both the entity level and the member level. O If the LLC desires to be treated as a partnership it must elect out of the default classification of association for a multimember LLC O None of the answers are correctJason and Alexandra enter into a partnership to sell food products Jason has developed. The products sell rapidly however, some persons have a severe allergic to the products which can result in hospitalization. One of the customers who purchased the product was hospitalized for 4 days and sues the partnership for medical expenses of $100,000. Which of the following is true O None of the other answers are correct O Only Jason is liable for the damages caused because he is the developer of the product under product liability rules O Both Jason and Alexandra are jointly and severally liable for any contractual or tort damages that result from the sale of their products under partnership law. O Neither Jason nor Alexandra are liable to the customer, because the injury was unforeseeable under the Pfalsgraf caseGrady formed a sole proprietorship, Grady's Auto Paint Specialties (GAPS). Grady takes Professor Carmichael's advice and forms a Single Member LLC for liability protection purposes. He names the Company GAPS, LLC and files for a fictitious name, Grady's Auto Paint Specialties. GAPS LLC enters into a contract with Redding to touch up the original paint on his rare collectible Ferrari. Grady negligently ruined the original paint job, reducing the value of the car by $100,000. Redding is suing Grady for the full amount. GAPS has only $60,000 in total assets. Assuming he wins his case and gets a judgment for the full $100,000, what amount can Redding collect? O $100,000 because sole proprietors are unlimitedly liable to their customers for claims in contract and tort. O None of the answers are correct O $80,000, because that is probably fair. O $60,000 because Grady was operating within the scope of the business purposes of his LLC