Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Question 19 (1 point) Usten Most states require that a limited liability company have at least one member which is another type of legal entity

image text in transcribed
Question 19 (1 point) Usten Most states require that a limited liability company have at least one member which is another type of legal entity (such as corporation or partnership). at least two members at least one member at least three members, including one general partner Question 20 (1 point) Listen Freddie's Flowers, LLC is a limited liability company. Its members are Freddie and Lucia. Unless indicated otherwise on Freddie's Flowers federal tax form, the LC itself will not pay federal ancome taxes on its petits but Freddie and Lucia will pay federal income taxes on their shares of the profits the LLC itself will pay federal income taxes on its petits, and Freddie and Lucia will only pay federal Income taxes if they are paid a salary or hourly wage related to their management of the company O the LLC itself will pay federal income taxes on its profits, and if any profits are distributed to Freddie and Lucia, they will cash pay additional federal income taxes on any such distribution none of the choices are correct Question 21 (1 point) Usten In a majority of states, with respect to any partnership obligations the general partners not liable for partnership obligations O liable for all partnership obligations ont szerally Wydable for puterilipopigides which the further news of jurticipates is oratifies O file for a contractual obligations of the personly and overall but not liable for the obligations of the ship theme sons of the notion

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered 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

Advanced Accounting

Authors: Joe Hoyle, Thomas Schaefer, Timothy Doupnik

10th edition

0-07-794127-6, 978-0-07-79412, 978-0077431808

Students also viewed these Finance questions