The entity assumption does NOT apply to a:
B)limited liability partnership.
D)The entity assumption applies to all the above.
Which of the following is a TRUE statement about the characteristics of partnerships?
A)Limited partners have mutual agency and unlimited liability for the partnership's debts.
B)General partners have mutual agency and limited liability for the partnership's debts.
C)Net income and loss of the partnership "flows through" to the partners.
D)The partnership agreement must be in writing.
Owners of an LLC are called:
Advantages of a corporation include:
A)each stockholder can enter into agreements that legally bind all the stockholders.
B)the double taxation of distributed profits.
C)limited liability of the stockholders for the corporation's debts.
D)each stockholder can conduct business in the name of the corporation.