Answer the following statements true (T) or false (F)
1. In a limited liability partnership, each partner is not personally liable for the malpractice or negligence committed by another partner.
2. The income of a limited liability company cannot be taxed to the members as though they were partners.
3. An S corporation is a corporation with 100 or fewer stockholders that can elect to be taxed as a partnership.
4. If elected, an S corporation pays no corporate income tax.
1. True
2. False
3. True
4. True
You might also like to view...
Which of the following is true regarding worldwide spending on marketing research?
A) From 2007 to 2008, when the recession began, only North America experienced a net increase in spending. B) Latin America had the lowest growth rate from 2007 to 2008. C) Total global spending for the industry was about $1 billion in 2008 according to the European Society of Opinion and Marketing Research (ESOMAR). D) The 2009 estimates indicate that total global spending for the industry will be greater than in 2008 despite the worldwide recession. E) It is safe to say that, as of 2010, the marketing research industry is about a $30 billion industry.
A capitalist system depends on fair competition among businesses to:
A. be consistent with the goals of socialism. B. ease the buying and selling of government securities. C. guarantee that every individual business earns profits. D. drive higher quality and lower prices.
A senior manager at a car dealership is likely both an agent and employee
a. True b. False Indicate whether the statement is true or false
Which of the following is NOT an example of a good?
A) a pair of shoes B) a print ad C) a dozen farm-fresh eggs D) a barrel of oil E) a stack of diner pancakes