Question: Explain the principal difference between an LLP and an LLC. AppendixLO1

Explain the principal difference between an LLP and an LLC.

AppendixLO1

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Taxation Questions!

Q:

Explain the principal difference between an LLP and an LLC.

Q:

2. Explain the principal difference between an LLP and an LLC.

Q:

What is the difference between a General Partnership, an LLC, and an LLP? What does it mean when a partners losses are limited by basis and or at risk? Explain the S corporation tax model and how...

Q:

Do the reading assignment and then look up KRS 275.520 and read its text.Then answer the questions below. Fully explain your answers: 1.What is the taxation advantage of a LLC as opposed to a...

Q:

1 Ground Rules: 1. Read and follow directions carefully. Enter answers in the places indicated. 2. Be sure to show all your computations and related work. Part 1 ? ACCOUNTS RECEIVABLE AND ALLOWANCE...

Q:

Please Help with this Hypothetical 1065 Tax Return.. Form 1065 Due Thursday, November 12 by 5:00 PM CST US Check Figures - Form 1065 Page 1, Line 22 (Ordinary Business Income) - $156,275 Page 5, Line...

Q:

I need to get help with this case study PwC Case Studies in Taxation, 2013, PwC, LLP FLATIRONS, INC. Flatirons, Inc. (dba Flatirons Flapjacks Caf) specializes in unique breakfast and brunch menus and...

Q:

Hi I know you opted out of an earlier question. I have several open questions. I really need to get them in. Would you be willing to take any of these questions? I have been waiting for 3 days. I...

Q:

The legal principle of stare decisis causes judges to: abide by, or adhere to, decided cases. stare blankly when delivering verdicts. rely on his or her own judgment and experience. prepare a...

Q:

Please help with this question: Compute debt/equity and debt/ tangible net worth for 2015 and 2014. Is the change from 2014 to 2015 favorable or unfavorable? What do these ratios tell us about the...

Q:

Preston, Inc. manufactures model airplane kits and projects production at 150, 330, 600, and 800 kits for the next four quarters. i (Click the icon to view the manufacturing information.) Prepare...

Q:

What does the term consumer behavior relate to, and why is it important to advertisers?

Q:

Verbal communication more accurately reflects attitudes and feelings.

Q:

If 28.15 mL of 0.100 M ammonium hydroxide is required to neutralize 10.0 mL of sulfuric acid, what is the molarity of the acid? H 2 SO 4 (aq) + 2 NH 4 OH(aq) (NH 4 ) 2 SO 4 (aq) + 2 H 2 O(l)

Q:

Discuss the role of the manufacturers agent in a marketing managers promotion plans. What kind of salesperson is a manufacturers agent? What type of compensation plan is used for a manufacturers...

Q:

Discuss the future of the specialty shop if producers place greater emphasis on mass selling because of the inadequacy of retail order-taking.

Q:

Think about a situation when you or a friend or family member encountered a problem with a purchase and tried to get help from a firms customer service representative. Briefly describe the problem,...

Q:

15 15. (109). Which of the following is not a characteristic of an estimated liability? A. The liability is known to exist in some amount and stems from past transactions. OB. The liability should...

Q:

33 (2 points) When Danny withdrew from John, Daniel, Harry, and Danny, LLP, he was paid $81,000, although his capital account balance was only $60,000. The four partners shared net income and losses...

Q:

5