An LLC has the power to own property in its own name
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TRUE
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If something is ethical, it must not be illegal.
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A prima facie ethically legitimate market exchange is conditional to mutual benefit for each party involved.
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Jones Corporation provides services to a customer on June 17, but the customer does not pay for the services until August 12. According to the revenue recognition principle, Jones Corporation should record the revenue on August 12.
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If the share of losses on realization of the sale of noncash assets exceed the balance in a partner's capital account, the resulting balance is called a deficiency
Indicate whether the statement is true or false