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1 year ago

Llcs frequently are governed by an agreement of its members in the form of a(n) ________.

Business

1 answer:

Ilia_Sergeevich [38]1 year ago

6 0

LLCs frequently are governed by an agreement of their members in the form of an operating agreement.

<h3>What is an operating agreement?</h3>

An operating agreement is a key document used by LLCs because it outlines the financial and functional decisions of the business, including rules, regulations, and provisions.
The document's purpose is to govern the internal operations of the business in a way that meets the needs of the business owners.
Because most states do not require this document, many LLCs choose not to create one.
While a term of operations is not required, having one is the greatest advantage of an LLC.
And by drafting it, I mean making a written operating agreement.
The LLC operating agreement, also known as an LLC agreement, establishes the LLC's rules and structure and can assist in resolving any issues that may arise during business operations.
Many of these issues are addressed by default provisions in most states, but the operating agreement can override these presumptions.

Therefore, LLCs frequently are governed by an agreement of their members in the form of an operating agreement.

Know more about the operating agreement here:

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A buyer with a 15-year, $250,000 loan at a 5.5% interest rate has a monthly principal and interest payment totaling $2,042.71. W

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<u>Given:</u>

Loan amount = $250000

Interest rate = 5.5%

Interest payment = $2042.71

Total amount of interest

<u>Solution:</u>

The total number of months in 15 years = $15\times12=180\text{ years }$

Total monthly payments will be $180\times \$2042.71 = \$367687.8$

So, the total pay-backs will be $3,67,687.8

Total interest paid will be as follows,

$\text{Total interest paid = Total pay-backs - Loan amount}$

On plugging-in the values in the above formula we get,

$\Rightarrow \$3,67,687.8-\$250,000=\$1,17,687.80$

Therefore, the total amount of interest that the borrower will pay over the course of the loan is $1,17,687.80.

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3 years ago

Ashton Construction assembles residential houses. It uses a job-costing system with two direct-cost categories (direct materi

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Answer:

Instructions are listed below.

Explanation:

Giving the following information:

In December 2016, Ashton budgeted 2017 assembly-support costs to be $8,300,000 and 2017 direct labor-hours to be 166,000.

With this information, we can calculate the budgeted indirect cost rate. <u>However, we can't calculate the actual indirect cost rate. I will provide the formula for both and a small example of the actual indirect cost rate.</u>

To calculate the budgeted indirect cost rate, we need to use the following formula:

Budgeted indirect cost rate= total estimated indirect costs for the period/ total amount of allocation base

Budgeted indirect cost rate= 8,300,000/166,000= $50 per direct labor hour.

Let's suppose that actual indirect cost was of 8,000,000 and actual direct labor hours of 175,000:

Actual indirect cost rate= total actual indirect costs for the period/ total amount of allocation base

Actual indirect cost rate= 8,000,000/175,000= $45.71 per direct labor hour

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3 years ago

Nancy and Tonya exchanged assets. Nancy gave Tonya her personal residence with an adjusted basis of $280,000 and a fair market v

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Answer:

Realized gain $110,000

Recognized gain $110,000

Explanation:

The computation of the Tonya's realized and recognized gain is shown below:

Amount realized by Tonya (fair market value) $560,000

Less; Amount given by Tonya

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2 years ago

Which of the following scenarios illustrates the law of demand?

Genrish500 [490]

Answer:

Option B is correct.

Explanation:

In order to answer this question correctly, we first need to understand the law of demands.

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Here,

Option B is the most relevant to the Law of Demand which says that Kathleen eats more steak when the price is low. It means when the price is low, the quantity of steak demanded is higher in Kathleen's case. Furthermore, Kathleen eats less when the price is high. It means, when the price of steak is higher then the quantity of steak demanded from Kathleen is low.

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2 years ago

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3 years ago