When a limited liability company is formed, a. the partnership activities are limited O b. all partners have limited liability O C. some of the partners have limited liability O d. none of the partners has limited liability

When a limited liability company is formed, a. the partnership activities are limited O b. all partners have limited liability O C. some of the partners have limited liability O d. none of the partners has limited liability

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Related questions

Q: limited liability partnership

A: A partnership is a form of business where two or more persons start a business with some goals and…

Q: How does partnership accounting differ from corporate accounting? A. The matching principle is…

A: The company is a separate identity different from its promoters that is why it has separate…

Q: What is the characteristic of a partnership that gives the authority to any partner to legally bind…

A: When more than one person comes together to form a business and make an agreement. This written…

Q: Which one of the following statements is true regarding a partner's personal liability for…

A: There are different forms and types of structure that an entity can use for the purpose of running…

Q: A partnership is treated as a separate entity with respect to a.the paying of income taxes.…

A: Partnership is a form of business entities whereby two or more than two individuals join hands to…

Q: An advantage of a partnership includes which of the following? Group of answer choices Greater…

A: Partnership refers to an agreement where two or more people come together for a common goal. The…

Q: The partner in a limited partnership that has unlimited liability is referred to as the Seleccione…

A: d. general partner.Explanation:General Partner in a Limited Partnership:In a limited partnership,…

Q: In which firm the agreement is Oral or Written? A. Partnership B. Sole Proprietorship C. HUF D.…

A: An agreement is a collective understanding or arrangement on a certain content made by two or…

Q: ith the lowest capital balances first c. Partners based on their capital balances

A: When a partnership is dissolved , the assets are liquidated and liabilities are paid off

Q: Which of the following is not a characteristic of a partnership firm? Select one: A. Limited…

A: Partnership Accounts - Partnership is a agreement between two partners agreed to carry business and…

Q: Which of the following is NOT a principal characteristic of the partnership form of business…

A: A partnership is an association of individuals, where are all the partners are agreed to work for a…

Q: A partner is to a partnership like a(n) ______________ is to a corporation a. Officer b.…

A: A partnership appears to be a non-formal firm run by more than one individual. The most frequent…

Question

When a limited liability company is formed,
a. the partnership activities are limited
9 b. all partners have limited liability
C. some of the partners have limited liability
O d. none of the partners has limited liability

A reduction of par or stated value of stock results from a
a. preferred dividend
O b. liquidating dividend
O c. stock split
O d. stock option

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

This is a popular solution!

SEE SOLUTION Check out a sample Q&A here

Step : Notes :

VIEW

Step 2 : Answer

VIEW

Trending now

This is a popular solution!

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions

Two of the business organizational forms your book talks about are limited liability company (LLC) and partnership. What is a limited liability company (LLC)? And how does it differ from partnership? Identify three ways in which they differ, Be brief and to the point.
The following are rights of a partner in a partnership, except one: Right to compensation Right to information Right to return of capital Right to agency
How does a limited liability partnership (LLP) differ from a general partnership? Legal limits have been established regarding the number of people who can participate in the LLP. OLLP partners are liable for some or all of the obligations of the partnership, but have limited liability for the negligence or malpractice of other partners. O LLP partners have limited liability for the obligations of the partnership but unlimited liability for the negligence or malpractice of other partners. Participation in the LLP is limited to members of a regulated profession, such as accounting or health care. Note:- Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism. Answer completely. You will get up vote for sure.
What are the major features of a partnership agreement for a partnership or an operating agreement for a limited liability company?
s
Which of the following is a false statement about a partnership? O A. It is an opportunity to pool talents and resources for the company. B. A partnership must have at least two owners. OC. It is a business with two or more owners that is not organized as a corporation. OD. It is a type of corporation in which the owners have limited liability for the organization's liabilities.
What type of Partnership as a business formation would be best suited for a "Silent Partner" (someone who contributes capital to a company but does not participate whatsoever in day to day operations) O General Partnership O C Corp O Limited Partnership O S Corp
When a partnership is created, what is the contract called that gives the amounts invested by each partnership, how income and losses should be distributed, etc.? Group of answer choices partnership charter partnership partnership agreement none of these
A partnership where all partners may participate in management of the company, but whose personal liability is limited to that resulting from their own actions or those who are acting under their direct supervision is a: a. limited partnership b. general partnership c. limited liability partnership d. mutual agency
A limited partnership is a O a. Domestic Limited partnership O b. sole proprietorship O c. limited liability company O d.general partnership in the state in which it is organized
Which of the following are limited liability entities? A. General partnership B. General liability company C.sole proprietorship D. S corporation
Distinguish the difference between Limited Liability Corporation vs Limited Liability Partnership.