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1. quizlet.com › 909795255 › accounting-for-limitedAccounting for Limited liability companies Flashcards | Quizlet

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   A private limited company (Ltd) does not publicly trade shares and is limited to a maximum of fifty (50) shareholders. PLC is owned by shareholders, managed by directors. Features of a private limited company. A private limited company is one where the ownership of shares is restricted to members of a family, their friends and possibly employees.

   • Limited Liability Company- Accounting Flashcards | Quizlet

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   • Accounting-Limited Liability Company's Flashcards | Quizlet

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   • Financial Accounting Test #1, Chapters 1-3 Flashcards | Quizlet

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2. quizlet.com › 202066702 › limited-liability-companyLimited Liability Company Flashcards | Quizlet

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   A limited liability company (LLC) is a type of business form combining attributes of both corporations and partnerships. It has TWO PRIMARY ATTRIBUTES: (1) the limited liability that shareholders of a corporation enjoy, AND. (2) the tax treatment of a partnership. An LLC is a legal "entity," capable of suing and being sued, owning property, etc.

3. quizlet.com › 596268940 › limited-liability-companylimited liability company Accounting Flashcards | Quizlet

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   Study with Quizlet and memorize flashcards containing terms like Limited Liability Company, Sole trader, Partnership and more.

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   What is a limited liability company (LLC)?

   • A limited liability company (LLC) is a type of business form combining attributes of both corporations and partnerships. A limited liability company (LLC) is a type of business form combining attributes of both corporations and partnerships. By law neither the owners (members) nor the managers of an LLC are personally liable for any of its debts.

   Limited Liability Company Flashcards | Quizlet

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   What is a low-profit limited liability company (L3C)?

   • An LLC may conduct business for any lawful purpose, for profit or not for profit, except insurance underwriting. A low-profit limited liability company (L3C) is a nonprofit LLC established with the primary goal of furthering a charitable of educational purpose. Certain groups of professionals may join together to form a professional LLC.

   Limited Liability Company Flashcards | Quizlet

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   Who is responsible for managing an LLC?

   • Unless the management of the LLC is delegated to managers, ALL the members will manage the business, subject to any provision in the articles or a WRITTEN operating agreement restricting or enlarging the rights and duties of any member or class of members. Such an LLC will be deemed to be member-managed.

   Limited Liability Company Flashcards | Quizlet

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   What is the difference between current assets and long term liabilities?

   • Current assets are expected to be converted to cash, sold, or consumed within a year. Long term assets are things like property and equipment and also intangible things like patents, trademarks, and goodwill. What's the difference between current liabilties and long term liabilities ?

   Financial Accounting Test #1, Chapters 1-3 Flashcards | Quizlet

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