Daniel and Ian run a law firm in downtown Phoenix. The firm has debt of $100,000, but Daniel and Ian will not be held personally liable for the firm's debts. The business organization is the type that requires Daniel and Ian to report all business-related income on their personal tax returns. This is an example of:
O A corporation
O A proprietorship
O A partnership
O An LLP/LLC
Answers (1)
Know the Answer?
Not Sure About the Answer?
Find an answer to your question ✅ “Daniel and Ian run a law firm in downtown Phoenix. The firm has debt of $100,000, but Daniel and Ian will not be held personally liable for ...” in 📘 Business if you're in doubt about the correctness of the answers or there's no answer, then try to use the smart search and find answers to the similar questions.
Search for Other Answers
You Might be Interested in
LO 8.3What are some possible reasons for a direct labor time variance? utility usage decrease less qualified workers office supplies spending sales decline
Answers (1)
A measure of output for any given project, task, or activity is called:
Answers (1)
A plant asset acquired on October 1, 2018, at a cost of $400,000 has an estimated useful life of 10 years. The salvage value is estimated to be $40,000 at the end of the asset's useful life.
Answers (1)
How long will it take for an investment to double in value if it earns 10.5% compounded continuously?
Answers (1)
Organizational buying criteria refer to A. the subjective attributes of the supplier's products and services and the capabilities of the supplier itself. B. the restrictions placed on potential solutions to a problem in a purchase decision. C.
Answers (1)
New Questions in Business
The CPU manufacturing industry has long been dominated by two large computer chip manufacturers, Intel and AMD. Recently, the demand for CPUs is low, and Intel and AMD aggressively compete for orders from computer makers such as Dell and HP.
Answers (1)
If the margin of safety for canace company was 20%, fixed costs were $1,875,000, and variable costs were 80% of sales, what was the amount of actual sales (dollars) ? (hint: de - termine the break-even in sales dollars f
Answers (1)
Glass Bottle Coffee Company is a calendar year, accrual-basis taxpayer. On October 1, 2019, Glass Bottle sold a 24-month subscription contract for $2,400. The client paid the full amount in cash.
Answers (1)
What are the definition and purpose of a business? A business provides goods or services in exchange for. The goal of a business, if it wants to survive over time, is to.
Answers (1)
What is the difference between accounting profit and economic profit? A. Economic profit only subtracts implicit costs from total revenue, while accounting profit only subtracts explicit costs. B.
Answers (1)
Mathematics
English
Physics
Chemistry
Biology
Geography
History
Computers & Technology
Engineering
Law
Social Studies
Arts
Advanced Placement (AP)
SAT