FUND.ACCT.PRIN.
FUND.ACCT.PRIN.
25th Edition
ISBN: 9781260247985
Author: Wild
Publisher: RENT MCG
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Chapter 12, Problem 2QS

a

To determine

Concept Introduction: Various organizations have some of the characteristics of a partnership, some of them are S corporations and Limited liability Companies. An S corporation maximum of 100 owners may choose to be treated as a partnership for income tax purposes and LLC has some of the corporation and Limited Liability Company features.

The situation under which amount of money creditors can take from C’s personal assets to pay unpaid business debts when the business is set up as an LLC.

b

To determine

Concept Introduction: Various organizations have some of the characteristics of a partnership, some of them are S corporations and Limited liability Companies. An S corporation maximum of 100 owners may choose to be treated as a partnership for income tax purposes and LLC has some of the corporation and Limited Liability Company features.

The situation under which amount of money creditors can take from C’s personal assets to pay unpaid business debts when the business is set up as S corporation.

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