Explain the legal status of a limited liability company (LLC).
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Like a corporation, a limited liability company (LLC) is a separate entity with a legal existence apart from its individual owners. It may sue or be sued in its own name and it can buy, hold, or sell property. Similarly, it may enter into contracts and incur liabilities in its own name. Because of the LLC's separate legal identity, it generally is liable for its own obligations. In short, the members have limited liability. This means they risk no more than their investment in the LLC. However, as with corporations, courts will pierce the veil between the LLC and its members if an LLC is created with the intent to defraud its creditors. In those instances, the members will be personally liable on LLC debts.
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Answer the following statement true (T) or false (F)
You are an international human resources consultant retained by Pacific Paper Products, a U.S. corporation headquartered in Seattle. PPP recently downsized its operations located in Germany, which resulted in significant layoffs. The basis of this
decision was the inability of the German plants to generate sufficient revenues. Although marginally profitable, PPP concluded that it would be fiscally prudent to downsize the facilities. PPP provided ten days written notice to their employees at these facilities prior to their termination. In response, the employees have submitted claims for wrongful discharge. You have been retained to advise PPP's board of directors on the validity of these claims. Did PPP's closure of the plant violate German law? Are the former employees' claims for wrongful discharge valid? Why or why not?
Editorial explanations provided by electronic tax services are examples of secondary authority.
Answer the following statement true (T) or false (F)
Use ordinary interest: (Round your answer to the nearest cent.)PrincipalInterest RateDate BorrowedDate RepaidTimeSimple InterestAmount Paid Back$8,00012%May 5Aug. 10ABC
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