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

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   Definition. 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.

   • Accounting for Limited liability companies Flashcards | Quizlet

     What is a LLC (limited liability company?) A business that...

   • Limited Liability Company- Accounting Flashcards | Quizlet

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2. quizlet.com › 546422091 › accounting-limitedAccounting-Limited Liability Company's Flashcards | Quizlet

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   Study with Quizlet and memorize flashcards containing terms like Limited Liability Company, Limited Liability Advantages:, Limited Liability Disadvantages: 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.

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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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   Is an LLC a corporation or a partnership?

   • By law neither the owners (members) nor the managers of an LLC are personally liable for any of its debts. This is the major advantage of the corporate form. The income of an LLC will not be subject to federal or Louisiana income tax at the entity level. The major advantage of the partnership form.

   Limited Liability Company Flashcards | Quizlet

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4. quizlet.com › 861660334 › chapter-1-homework-flash-cardsChapter 1 Homework Flashcards | Quizlet

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   A limited liability company (LLC): Has owners called members. Is subject to additional business income tax. Includes a general owner with unlimited liability. Is the same as a corporation. Must have more than one owner.

5. quizlet.com › 483668795 › accounting-201-chapter-1Accounting 201 Chapter 1 problems Flashcards | Quizlet

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   Limited Liability Company (LLC) proprietorship. Burr Publishers purchased a building on March 20, 20X1, for $160,000. Other amounts related to this purchase are as follows: Price listed by seller on Jan. 1, 20X1, $180,000. Burr Publishers' initial offer to buy on Jan. 31, 20X1, $140,000. Purchase price on Mar. 20, 20X1, $160,000.

6. quizlet.com › 668902177 › accounting-chapter-1-flashAccounting - Chapter 1 Flashcards | Quizlet

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   Complete the following table with either a yes or no regarding the attributes of a proprietorship, partnership, corporation, and limited liability company (LLC) Business Taxes/No/No/Yes/No Limited Liability/No/No/Yes/Yes Legal Entity/No/No/Yes/Yes