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ACCT 653Discussion Questions Chapter 41.What are the most common legal entities used for operating a business? How are these entities treated similarly and differently for state law purposes?2.How do businesses create legal entities? Is the process the same for all entities? If not, what are the differences?3.What is an operating agreement for an LLC? Are operating agreements required for limited liability companies? If not, why might it be important to have one?4.Explain how legal entities differ in terms of the liability protection they affordtheir owners.5.Why are C-corporations still popular despite the double tax on their income?
ACCT 653Discussion Questions Chapter 4
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Corporation, Types of business entity, Types of companies, Limited Liability Company