To form an llc - Study guides, Class notes & Summaries

When a business is purchased by a new owner, what happens in regards to the "EIN"? correct answers A new EIN is required A clause that means that a subcontractor is bound by the same obligations as are required of the general contractor is called: correct answers Flow-down clause What are the three key functions on a business plan? correct answers Planning Tool, Loan or Investor Document, Benchmarking tool A contractor's Business Plan does NOT include? correct answers Contract Docume...

Partnerships typically buy life insurance policies on each partner in order to fund the required purchase of the partner's interest in the partnership when the partner dies T/F - Answer-True Subchapter S corporation will avoid double taxation if which of the following applies? A. All the shareholders agree to be taxed as in a partnership B. The corporation files Articles of Partnership in the state where it has its principal place of business C. The corporation has no retained earnings D...

It is important to make them feel __________ and __________ - Correct answercomfortable and welcomed __________ prompt someone to explore and analyze their emotions and feelings - Correct answer-Open-ended question __________ collect factual information - Correct answer-Closed-ended question Give __________ for responses time - Correct answer-time Questions should be asked in a ___________________________ way - Correct answer-non-judgmental It is important to ________________ your mentor...

Solution Manual for Foundations of Business 7th Edition by William M. Pride. Solution Manual for Foundations of Business 7e William M. Pride; Chapter 1-47 Chapter 1 End of Chapter Questions Quiz Yourself 1. Scarcity implies that the allocation decision chosen by society can a) not make more of any one good. b) always make more of any good. c) typically make more of one good but at the expense of making less of another. d) always make more of all goods simultaneously. Explanation: Sc...

________ warranty is legally imposed on seller/disclaimed. - ️️Implied __________ is a dispute between the government and an individual and is punished by fines and / or imprisonment. - ️️Criminal Law __________ is a form of partnerships in which some partners may be subjected to limited liability. - ️️Limited Partnership __________ is the act of obtaining needed services, ideas, or content by soliciting contributions of a large group of people, and especially from an online commu...

Solutions Manual for Financial Accounting 8th Canadian Edition Libby Chapter 01 - Financial Statements and Business Decisions Chapter 1 Financial Statements and Business Decisions ANSWERS TO QUESTIONS 1. Accounting is a system that collects and processes (analyzes, measures, and records) financial information about an organization and reports that information to decision makers. 2. Financial accounting involves preparation of the four basic financial statements and related disclosu...

Question: Consider these two entrepreneurs: Judith formed a corporation to write a blog, which is unlikely to general substantial revenues. Drexel operated his contraction business as a sole proprietorship. Were these forms of organization right for these businesses? Strategy: Prepare a list of the advantages and disadvantages of each form or organization. Sole proprietorships are best for businesses without substantial capital needs. Corporations can raise capital but are expensive to operate....

A corporation may not be a partner in a partnership. ~~> false Under the common law, a partnership is generally considered to be a legal entity rather than an aggregate of individuals. ~~> False Partners may elect to have the partnership not be a separate taxable entity, so that only the partners are taxed. ~~> True A general partnership may be formed for a charitable purpose. ~~> False Tori and Margaret agree to form a partnership. The partnership contract be...

NASCLA Contractors Guide to Business, Law, and Project Management Latest Update Graded A+ Elements of a Business Plan Cover Page, Executive Summary, Company Summary, Products & Services, Market Analysis, Marketing Strategy, and Financial Plan Sole Proprietorships Adv: Min legal restrictions, simple ownership form, low startup costs, sole ownership of profits, freedom in decision making process. Disadv: Unlimited personal liability, less available capital, possible difficulty in ob...

Solution Manual for Foundations of Business 7th Edition by William M. Pride. Solution Manual for Foundations of Business 7e William M. Pride; Chapter 1-47 Chapter 1 End of Chapter Questions Quiz Yourself 1. Scarcity implies that the allocation decision chosen by society can a) not make more of any one good. b) always make more of any good. c) typically make more of one good but at the expense of making less of another. d) always make more of all goods simultaneously. Explanation: Sc...