The difference between S corporation and a limited liability company. Introduction : A limited liability company (LLC) is a business association that has a few advantages of an enterprise or corporation and a portion of a constrained organization. A LLC is a entity form that gives proprietors the advantages of owning an enterprise while keeping up the benefits of a limited partnership .

Question

Want to see the full answer?

Answer 1

Question

Definition Definition Arrangement between two or more people whereby they agree to manage business operations and share its profits and losses in an agreed ratio. The agreement drafted and signed by the partners of the firm is termed as a partnership deed and contains various important clauses agreed between the partners such as profit/loss sharing, interest on capital, remuneration allocation of each partner, and drawings of a partner.

Chapter 4, Problem 15CC

Summary Introduction

To determine: The difference between S corporation and a limited liability company.

Introduction: A limited liability company (LLC) is a business association that has a few advantages of an enterprise or corporation and a portion of a constrained organization. A LLC is a entity form that gives proprietors the advantages of owning an enterprise while keeping up the benefits of a limited partnership.

Expert Solution & Answer

Want to see the full answer?

Check out a sample textbook solution

See solution

Students have asked these similar questions

Write the best answer in the blank. Here is your word bank: Ego, monetary risk, psychographic, physical risk, demographic, social risk, geographic, functional risk, behavioral, Super Ego, psychological risk, Ikea Effect, Classical Conditioning, Linked Prosperity, Id, J.N.D. Home Depot targets the Professional segment (e.g. contractors, builders etc). They purchase in bulk and generally have specific delivery requirements because of the types of products they purchase. Home Depot uses what basis of segmentation to target their “Pros”: _______________________

This print ad is targeting a consumer that most likely falls into this Maslow’s Hierarchy of Needs category: a) Self-Actualization b) Physiological Needs c) Love and Belonging d) Safety and Security e) None of the Above

Self-image congruence models suggest that we choose products when their attributes match some aspect of the self. Beyonce’s Beehive fan club uses this theory of the self-concept: a) Looking Glass Self b) Influential Self c) Ideal Self d) Extended Self e) None of the above

Answer 2

Question

Definition Definition Arrangement between two or more people whereby they agree to manage business operations and share its profits and losses in an agreed ratio. The agreement drafted and signed by the partners of the firm is termed as a partnership deed and contains various important clauses agreed between the partners such as profit/loss sharing, interest on capital, remuneration allocation of each partner, and drawings of a partner.

Chapter 4, Problem 15CC

Summary Introduction

To determine: The difference between S corporation and a limited liability company.

Introduction: A limited liability company (LLC) is a business association that has a few advantages of an enterprise or corporation and a portion of a constrained organization. A LLC is a entity form that gives proprietors the advantages of owning an enterprise while keeping up the benefits of a limited partnership.

Expert Solution & Answer

Want to see the full answer?

Check out a sample textbook solution

See solution

Answer 3

Question

Definition Definition Arrangement between two or more people whereby they agree to manage business operations and share its profits and losses in an agreed ratio. The agreement drafted and signed by the partners of the firm is termed as a partnership deed and contains various important clauses agreed between the partners such as profit/loss sharing, interest on capital, remuneration allocation of each partner, and drawings of a partner.

Chapter 4, Problem 15CC

Summary Introduction

To determine: The difference between S corporation and a limited liability company.

Introduction: A limited liability company (LLC) is a business association that has a few advantages of an enterprise or corporation and a portion of a constrained organization. A LLC is a entity form that gives proprietors the advantages of owning an enterprise while keeping up the benefits of a limited partnership.

Expert Solution & Answer

Want to see the full answer?

Check out a sample textbook solution

See solution

Answer 4

Question

Definition Definition Arrangement between two or more people whereby they agree to manage business operations and share its profits and losses in an agreed ratio. The agreement drafted and signed by the partners of the firm is termed as a partnership deed and contains various important clauses agreed between the partners such as profit/loss sharing, interest on capital, remuneration allocation of each partner, and drawings of a partner.

Chapter 4, Problem 15CC

Summary Introduction