CHAPTER 21 - CHAPTER 21 1. The key characteristics of a...

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CHAPTER 21 1. The key characteristics of a limited liability corporation (LLC) are: **the tax characteristics of a partnership plus the liability of a corporation 2. The LLC is a form of business organization that: **was first authorized in the US in 1977, by the state of Wyoming 3. One of the great benefits of LLC’s which helps promote investment is that: **Foreign investors are allowed to become LLC members 4. Which of the following cases addressed the question of whether the “Veil” of an LLC could be “pierced” to hold LLC members personally liable. **Kaycee Land and Livestock v. Flahive 5. With respect to LLC’s a member is someone **Who has an ownership interest in an LLC and limited liability for LLC DEBTS? 6. When a group of members join to form an LLC, the name of their organization **must include the words “limited liability corporation” or the letters “LLC” 7. One disadvantage of an LLC is that: **there is no uniform law governing LLCs in the United States 8. The case of Hurwitz v. Padden involved which issue?
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CHAPTER 21 - CHAPTER 21 1. The key characteristics of a...

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