Essay
In order to obtain limited liability,Tom and Doris formed an LLC to operate their catering business.They sometimes deposited the proceeds from catering jobs into their personal checking accounts and if they needed to pay personal bills and were short of funds,they used the business account.If creditors of the business cannot get payment for their invoices,is there anything a court can do to help the creditors?
Correct Answer:
Verified
It is common under corporate law for sha...View Answer
Unlock this answer now
Get Access to more Verified Answers free of charge
Correct Answer:
Verified
View Answer
Unlock this answer now
Get Access to more Verified Answers free of charge
Q13: Andy wants to start his own business.He
Q14: To be a close corporation,the business must
Q16: Trudy wishes to buy a national franchise.What
Q17: To form an LLC,both a charter and
Q17: Charles and Ellen,an unmarried couple,run an ice
Q23: Alan,a dentist,and his wife Martha,an attorney,can protect
Q25: Limited liability is a major advantage of
Q29: Harold and Zack have pooled their money
Q32: A partnership is a taxable entity,separate from
Q41: Franchise fees can be costly,but they are