Fiduciary duties are mentioned in the statue and enforceable in different states but there is not any clear demarcation. The court should rule in favor of Newbury group because it has not violated anything in the conduct of business
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<u>Explanation:</u>
a- Following fiduciary duties owed by member of LLC to other members
i-<u>Fiduciary duty of Loyalty</u>- Under this member in the LLC should be loyal to each other and they should put the success of and benefits to the LLC above any personal or individual advantages. They should also note that conflict of interest between LLC’s objective and their own objective should be avoided to the fullest.
ii- <u>Fiduciary duty of Care</u>- The members of the LLC should act in good faith, honestly and should exercise reasonable care while carrying their obligation and duty for the LLC. All decision and steps they took should be taken with full dedication and ownership.
b - Fiduciary duties are mentioned in the statue and enforceable in different states but there is not any clear demarcation between personal and LLC duties. The words are vague and not clear. Judicial precedence and decision in certain cases have decided about the legality of violence of fiduciary duty. Through operating agreement members in LLC can alter the fiduciary duty.
c-The court should rule in favor of Newbury group because it has not violated anything in the conduct of business.
Answer:
A) Credit to Common stock $2,000
C) Credit to Additional paid-in capital $8,000
Explanation:
The journal entry to record the issuance of stocks should be:
Dr Cash 10,000
Cr Common stock 2,000
Cr Additional paid in capital 8,000
Whenever a corporation issues new stocks, it must increase common stock account using the stocks' par value. Any additional amount must be recorded under the additional paid in capital account. Both accounts are part of the stockholders' equity and have credit balances.
Answer:
A credit score of 650 is slightly below average for the populace, coupled with the fact that the studio has been in operation for a short period of time and he has an outstanding loan of $8,000, is the reason he was rejected. It was the outstanding loan.
Explanation:
Answer:
Capital Gain
Explanation:
The second way of making money from buying bonds is to sell them at a higher price than you bought them. Like other securities, bond prices fluctuate due to several factors. If the company that sold you the bold is performing well, the bonds will gain in value. Selling the bonds through a broker will result in profits.
For example, If you bought bonds worth $5000 at face value, it means you paid $5000 for them. If the market value increase to $6000, selling the bonds will make you a profit of $1000
Answer:
the no of units to be started is 5,500 units
Explanation:
The computation of the number of units to be started in the canvas department is as follows:
= Units completed and transferred out + Ending work in process inventory
= 5100 units + 400 units
= 5500 units
Hence, the no of units to be started is 5,500 units
