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1 year ago

an operating agreement is required for a limited liability company to exist, and it must be in writing. true false

Business

1 answer:

puteri [66]1 year ago

3 0

An operating agreement is required for a limited liability company to exist, but it need not be in writing.

A limited liability company's (LLC) operating agreement is a crucial document that outlines the company's financial and operational decisions, as well as its rules, laws, and requirements. The document's goal is to regulate the company's internal operations in a way that meets the unique requirements of the owners, referred to as "members," of the company. The limited liability company's members are legally obligated to abide by the conditions of the instrument once they have signed it. Only three states—California, Missouri, and New York—have laws requiring an operating agreement. The state's default norms, established by state court decisions and found in the applicable statute, apply to LLCs operating without an operating agreement.

Learn more about operating agreement here:

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ou own a classic car that is currently valued at $64,000. If the value increases by 2.5 percent annually, how much will the car

Fynjy0 [20]

Answer:

$92,691.08

Explanation:

The computation of the future value is shown below:

As we know that

Future value = Present value × (1 + interest rate)^number of years

where,

Present value is $64,000

The Interest rate is 2.5%

And, the number of the year is 15 years

Now placing these values to the above formula

So, the future value is

= $64,000 × (1 + 0.025)^25

= $64000 × 1.448298166

= $92,691.08

7 0

3 years ago

Alou Corporation reported the following information at year-end: Book Value Estimated Cash Flows Fair Value Building $ 578,000 $

mariarad [96]

Answer:

Total amount of impairment is $196,000

Explanation:

Given Data;

The question can be tabulated for easy understanding.

Book value Estimated cash flow Fair value

Building $ 578,000 $ 398,000 $ 387,000

Patent $ 53,000 $ 58,000 $ 50,000

Machine $ 118,000 $ 138,000 $ 94,000

Total impairment loss = ?

If the estimated cash flow in Alou corporation is less than it's book value, then an impairment lost has occurred.

From the question given, the estimated cash flow of copyright and building are less than the book value. Therefore,

Total impairment loss = (578,000-387,000) + ( 58,000-53,000)

= 191000+ 5000

= $196,000

6 0

4 years ago

Which of the following statements about S corporations is most accurate? Any corporation willing to pay the necessary fees and f

Vedmedyk [2.9K]

Answer:

The major attraction of S corporations is that they avoid the problem of double taxation

Explanation:

Am S corporation is also called a small enterprise corporation that providers liability protection for its owners.

The business is considered.to.ba an independent entity, so if the corporation is liable to pay a judgement sum the owners will not be asked to use their personal funds to repay.

One key feature.os S corporation is that tax is passed along. The tax to be paid by the business is transfered to the owners.

So taxis only paid once. This avoids double taxation where the business is taxed and owner also taxed.

4 0

3 years ago

More important than being catchy or well written, a mission statement should be

Nesterboy [21]

The answer is c) bold. Hope this helps!

8 0

4 years ago

Read 2 more answers

You are looking to purchase a Tesla Model X sport utility vehicle. The price of the vehicle is $94,000. You negotiate a six-year

natulia [17]

Answer:

Purchase of Tesla Model X Sport Utility Vehicle

The amount of the balloon payment six years from now is:

= $39,322.67.

Explanation:

a) Data and Calculations:

Cost of vehicle = $94,000

Period of loan = 6 years

Terms: No down payment and no monthly payments during the first year.

Monthly payment after the first year = $1,350

Total payments to be made = $104,122.67

The total payments including interest from an online financial calculator:

Payoff: 6 years 5.13 months

You will need to pay $1,350.00 every month for 6 years 5.13 months to payoff the debt.

Monthly Payment $1,350.00

Time Required to Clear Debt 6.43 years

Total of 77.13 Payments $104,122.67

Total Interest $10,122.67

Total monthly payments from second year to fifth year = $64,800 ($1,350 * 48)

Expected balloon payment to cover the remaining principal = $39,322.67 ($1014,122.67 - $64,800)

4 0

3 years ago