E Mr. lamb and two other individuals formed a business by each contributing $30000. The business...

 

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E Mr. lamb and two other individuals formed a business by each contributing $30000. The business provides limited liability for all three individuals. The business is a pass-through entity for federal income tax purposes. In the first year of the business, Mr. Lamb was allocated 50% of the income, even though he only has a one-third interest. This entity is a(n): @ Sole proprietorship. @ Limited Partnership. @S Corporation. @ Limited Liability Company. E Mr. lamb and two other individuals formed a business by each contributing $30000. The business provides limited liability for all three individuals. The business is a pass-through entity for federal income tax purposes. In the first year of the business, Mr. Lamb was allocated 50% of the income, even though he only has a one-third interest. This entity is a(n): @ Sole proprietorship. @ Limited Partnership. @S Corporation. @ Limited Liability Company. E Mr. lamb and two other individuals formed a business by each contributing $30000. The business provides limited liability for all three individuals. The business is a pass-through entity for federal income tax purposes. In the first year of the business, Mr. Lamb was allocated 50% of the income, even though he only has a one-third interest. This entity is a(n): @ Sole proprietorship. @ Limited Partnership. @S Corporation. @ Limited Liability Company. E Mr. lamb and two other individuals formed a business by each contributing $30000. The business provides limited liability for all three individuals. The business is a pass-through entity for federal income tax purposes. In the first year of the business, Mr. Lamb was allocated 50% of the income, even though he only has a one-third interest. This entity is a(n): @ Sole proprietorship. @ Limited Partnership. @S Corporation. @ Limited Liability Company.

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From the details provided the entity Mr Lamb and the other individuals formed is most likely a Limited Liability Company LLC Heres why Key indicators ... View the full answer