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choli [55]
3 years ago
14

Under the Uniform Limited Liability Company Act (ULLCA), managers in a manager-managed LLC owe fiduciary duties, such as the dut

y of loyalty and the duty of care, to the LLC and its members just as corporate directors and officers owe fiduciary duties to the corporation and its shareholders.
True or False?
Business
2 answers:
Ivahew [28]3 years ago
4 0

Answer:

True

Explanation:

The reason is that all the management owe fiduciary duties towards the shareholders and the corporation as well because the managers are acting as an agent and their principal is shareholders are principal so the agent must act in the best interest of the principal and shareholder's best interest here is long term success of the company with no fraudulent activities in the company. This law protects the shareholders by stating that management owe fiduciary duty to shareholders which is a true statement.

Anit [1.1K]3 years ago
4 0

Answer:

True

Explanation:

A limited liability company (LLC) is basically the best of both worlds, it provides limited liability to the owners and at the same time is manage similarly to a partnership.

The Uniform Limited Liability Company Act (1995) established a set of common rules since LLCs operate under state statutes, and states actually had different statues regarding LLCs. One of the issues included in the ULLCA was that each member of the LLC owes the other members the following duties:

  1. Fiduciary duty
  2. Duty of care
  3. Duty of fair dealing and good faith

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On May 25, after the transactions had been posted, Adams discovered that the following entry contains an error. The cash receive
vampirchik [111]

Answer:

With the correcting entry method, the wrongly posted account will transfer the amount that was to be posted elsewhere to the place it was to be posted in. In this case the posting was to be to Accounts Receivable not Service fees so:

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Best Buy does not play loud music in its stores, based on feedback that women don’t like it. A woman who arrived at Best Buy aft
ivanzaharov [21]

Answer:

D) Problem removal

Explanation:

Since it has been discovered that women don't like loud music, a woman who just left a loud music technology store for Best Buy stores that doesn't play loud music will have her 'problem removed'.

Best Buy store can be regarded as a problem removal store by helping women to solve their problem of listening to loud music.

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7 0
3 years ago
Read 2 more answers
Last year Harrington Inc. had sales of $325,000 and a net income of $19,000, and its year-end assets were $250,000. The firm's t
anzhelika [568]

Answer:

8.94%

Explanation:

Firstly, we will need to find total equity and total debt of Harrington Inc inorder to apply the Dupont equation for getting ROE

Harrington's total debt = 15.00 % × $250,000

= $37,500

Harrington's total equity will be; applying accounting equation

Asset = Liabilities + Owner's equity

Owner's equity = Assets - Liabilities

= $250,000 - $37,500

= $212,500

Therefore, using the Dupont equation, we can calculate the ROE as;

(NI/Sales) × (Sales/Total assets) × (Total assets/Total common equity)

= 19,000/325,000 × 325,000 /250,000 × 250,000/212,500

= 8.94%

7 0
3 years ago
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