Why might the emergence of LLCs as popular entities result in fewer close corporations being formed? 17. What does it mean to say that close corporations lack liquidity and that there is no readily available market for the corporation's shares? 18. Identify the three types of nonprofit corporations and indicate whether a contribution of or membership fee of $500 by you would be tax deductible for you and whether the amount of $500 would be tax exempt for the recipient organization. 19. Briefly describe how triple taxation in the parent-subsidiary scenario is alleviated? 20. What are the two distinguishing features of a professional corporation.

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16 The emergence of LLCs as popular entities might result in fewer close corporations being formed because LLCs offer similar benefits such as limited ... View the full answer