Why should you make your small business a limited liability company?

Why should you make your small business a limited liability company?
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1 Answer

Answer :

The move to a limited liability company completely depends on the type of small business they own. For most small businesses, turning into a limited liability business is worthwhile.
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Limited Liability Company Worksheet?

Description : Limited Liability Company Worksheet?

Last Answer : Get StartedThere are several types of business entities which can be formed. It is recommended that you read Operating Agreement. This document is similar to a partnership agreement, because it ... not be actively managing the LLC. Consult an attorney or other advisor for further information.

What is the benefit of forming a Limited Liability Company, and how would I start the process?

Description : What is the benefit of forming a Limited Liability Company, and how would I start the process?

Last Answer : The main benefit of a Limited liability company is that the owners of the LLC, called "members," are protected from some or all liability for acts and debts of the LLC depending on state shield laws. You would start the process by contacting an attorney.

What are the advantages of being a limited liability company?

Description : What are the advantages of being a limited liability company?

Last Answer : A limited liability company, or LLC, is its own entity and can possess assets, property, and liability. This allows you shield your personal assets from the assets of the limited liability company.

What are the local laws for starting my own limited liability company?

Description : What are the local laws for starting my own limited liability company?

Last Answer : You can find the laws for starting your own limited liability company by visiting your state's government website and searching for laws and regulations under the business category. You can also go to ... .com and they will help you fill out the proper paperwork for the creation of your company.

Benefits of a Limited Liability Company?

Description : Benefits of a Limited Liability Company?

Last Answer : Business owners shoulder the burdens of costs and taxes. The U.S. tax code is millions of words long. Figuring out which parts of the code apply or do not apply is a herculean task. Small ... a limited liability company or LLC. Under the protection of an LLC, business owners are not personally l

Limited Liability Company; A Viable Alternative?

Description : Limited Liability Company; A Viable Alternative?

Last Answer : A limited liability company, otherwise known as an LLC, is a kind of business that is best described as a hybrid of corporate structure and a lower liability partnership. Limited liability does ... can avoid certain forms of income tax and legal attacks. Limited liability companies, for most inte

Which one of the following statements about preparation of financial statements of a limited liability company is correct ? (A) Financial statements should be prepared according to the cash basis of accounting only (B) Financial statements should be prepared according to the accrual basis of accounting only (C) Financial statements should be prepared according to either the cash basis or accrual basis of accounting (D) Financial statements should be prepared according to both the accrual and cash basis of accounting

Description : Which one of the following statements about preparation of financial statements of a limited liability company is correct ? (A) Financial statements should be prepared according to the cash basis ... Financial statements should be prepared according to both the accrual and cash basis of accounting

Last Answer : Answer: Financial statements should be prepared according to the accrual basis of accounting only

The liability of the shareholders of a public limited company is limited to the extent of– (A) Par value of the share (B) Paid up value of the shares (C) Market price of the shares (D) Intrinsic value of the shares

Description : The liability of the shareholders of a public limited company is limited to the extent of– (A) Par value of the share (B) Paid up value of the shares (C) Market price of the shares (D) Intrinsic value of the shares

Last Answer : Answer: Paid up value of the shares

SHCIL was established in 1986 under the Government of India as __________ A. Private Ltd B. Public Ltd C. Limited Liability Partnership D. Unlimited company E. None of the Above

Description : SHCIL was established in 1986 under the Government of India as __________ A. Private Ltd B. Public Ltd C. Limited Liability Partnership D. Unlimited company E. None of the Above

Last Answer : B. Public Ltd Explanation: Stock Holding Corporation of India Limited(SHCIL) was established in 1986 under the Government of India as public limited company.

Assertion (A) :The liability of share holders in a private limited company is limited to the amount. Reason (R) :The number of share holders of a private limited company is limited to fifty. A. Both A and R are true and R is the correct explanation of A B. Both A and R are true but R is not a correct explanation of A C. A is true but R is false D. A is false but R is true

Description : Assertion (A) :The liability of share holders in a private limited company is limited to the amount. Reason (R) :The number of share holders of a private limited company is limited to fifty. A. Both A and R are ... correct explanation of A C. A is true but R is false D. A is false but R is true

Last Answer : D. A is false but R is true

The liability of members if company is limited by shares A. Unpaid value of shares B. Guarantee amount C. Unlimited liability D. None of the above

Description : The liability of members if company is limited by shares A. Unpaid value of shares B. Guarantee amount C. Unlimited liability D. None of the above

Last Answer : B. Guarantee amount

The liability of members if company is limited by guarantee. A. Unpaid value of shares B. Guarantee amount C. Unlimited liability D. None of the above

Description : The liability of members if company is limited by guarantee. A. Unpaid value of shares B. Guarantee amount C. Unlimited liability D. None of the above

Last Answer : A. Unpaid value of shares

In India, which first bank of limited liability managed by Indians and founded in 1881? -General Knowledge

Description : In India, which first bank of limited liability managed by Indians and founded in 1881? -General Knowledge

Last Answer : The answer is '14'

In India, which first bank of limited liability managed by Indians and founded in 1881? -Do You Know?

Description : In India, which first bank of limited liability managed by Indians and founded in 1881? -Do You Know?

Last Answer : answer:

In India, which first bank of limited liability managed by Indians and founded in 1881? -General Knowledge

Description : In India, which first bank of limited liability managed by Indians and founded in 1881? -General Knowledge

Last Answer : answer:

What is a Limited Liability Partnership (LLP)?

Description : What is a Limited Liability Partnership (LLP)?

Last Answer : What is a Limited Liability Partnership (LLP)?

Who can file as a limited liability corporation in California?

Description : Who can file as a limited liability corporation in California?

Last Answer : If you intend to "do business as" a name different from your corporation or LLC name, then you can file as a limited liability corporation in California. Read more at www.sos.ca.gov/business/be/faqs.htm -

Where can I apply for limited liability insurance?

Description : Where can I apply for limited liability insurance?

Last Answer : Limited liability insurance can be purchased from many insurance companies. An explanation of limited liability insurance can be explained by a qualified insurance agent.

Which of the following can issue Rupee denominated bonds? A. Real Estate Investment Trusts (REITs) B. Infrastructure Investment Trusts (InvITs) C. Limited Liability Partnerships D. Both (A) and (B) E. None of the Above

Description : Which of the following can issue Rupee denominated bonds? A. Real Estate Investment Trusts (REITs) B. Infrastructure Investment Trusts (InvITs) C. Limited Liability Partnerships D. Both (A) and (B) E. None of the Above

Last Answer : D. Both (A) and (B) Explanation: Any corporate (entity registered as a company under the Companies Act, 1956/ 2013) or body corporate (entity specially created out of a specific act ... like Limited Liability Partnerships and Partnership firms, etc. are also not eligible to issue these bonds.

LLP is governed by a) Partnership Act , 1932 b) Companies Act , 1956 c) Limited Liability Partnership Act , 2008 d) Companies Act , 2013

Description : LLP is governed by a) Partnership Act , 1932 b) Companies Act , 1956 c) Limited Liability Partnership Act , 2008 d) Companies Act , 2013

Last Answer : c) Limited Liability Partnership Act , 2008

At least of the designated partners of every limited liability partnership shall be a resident in India. a) One b) Two c) Three d) Seven

Description : At least of the designated partners of every limited liability partnership shall be a resident in India. a) One b) Two c) Three d) Seven

Last Answer : c) Three

Every partner of a limited liability partnership must have a minimum of Contribution of Rs. 1 Lakh.

Description : Every partner of a limited liability partnership must have a minimum of Contribution of Rs. 1 Lakh.

Last Answer : FALSE

Every Limited Liability Partnership must have at least two partners but there is no maximum limit on the numbers of partners.

Description : Every Limited Liability Partnership must have at least two partners but there is no maximum limit on the numbers of partners.

Last Answer : TRUE

The liability of each partner is limited to his agreed contribution in the Limited Liability Partnership.

Description : The liability of each partner is limited to his agreed contribution in the Limited Liability Partnership.

Last Answer : TRUE

Every partner of a limited liability partnership must have a minimum of Contribution of Rs. 1 Lakh

Description : Every partner of a limited liability partnership must have a minimum of Contribution of Rs. 1 Lakh

Last Answer : FALSE

The liability of each partner is limited to his agreed contribution in the Limited Liability Partnership.

Description : The liability of each partner is limited to his agreed contribution in the Limited Liability Partnership.

Last Answer : TRUE

Alfa Company Limited acquired the business of M/s Bharat Traders. The valuation of the items acquired was-building Rs. 1,20,000; machinery Rs. 80,000 and stock-in-trade Rs. 30,000. The company issued in lieu of the above items 800, 10% debentures of Rs. 100 each at par and 15,000 equity shares of Rs. 10 each. How much was the flow of funds in the above transaction ? (A) Rs. 2,30,000 (B) Rs. 1,00,000 (C) Rs. 50,000 (D) Rs. 30,000

Description : Alfa Company Limited acquired the business of M/s Bharat Traders. The valuation of the items acquired was-building Rs. 1,20,000; machinery Rs. 80,000 and stock-in-trade Rs. 30,000. The company issued in lieu of the above items 800, ... ) Rs. 2,30,000 (B) Rs. 1,00,000 (C) Rs. 50,000 (D) Rs. 30,000

Last Answer : Answer: Rs. 30,000

A company limited by shares has to call the statutory meeting within a period of not less than one month and not more than six months. This period is counted with reference to which one of the following ? (A) The date of incorporation (B) The date at which the company is entitled to commence business (C) The date of actual receipt of certificate of incorporation (D) The date of actual commencement of business

Description : A company limited by shares has to call the statutory meeting within a period of not less than one month and not more than six months. This period is counted with reference to which one of ... date of actual receipt of certificate of incorporation (D) The date of actual commencement of business

Last Answer : Answer: The date at which the company is entitled to commence business

The World Bank in the month of March 2013 barred which company from doing any business with it or the projects funded by it for a period of six months? a) Punj Lloyd Group b) Lanco Infratech Limited c) Larsen & Toubro d) IVRCL Infrastructures & Projects Ltd

Description : The World Bank in the month of March 2013 barred which company from doing any business with it or the projects funded by it for a period of six months? a) Punj Lloyd Group b) Lanco Infratech Limited c) Larsen & Toubro d) IVRCL Infrastructures & Projects Ltd

Last Answer : Answer: (c) Larsen & Toubro

In case of public limited company, after getting the-----------the company can start the business A. Memorandum of Association B. Table A C. Certificate of commencement of business D. Articles of Association

Description : In case of public limited company, after getting the-----------the company can start the business A. Memorandum of Association B. Table A C. Certificate of commencement of business D. Articles of Association

Last Answer : C. Certificate of commencement of business

A business arrangement where one party allows another party to use a business Name and sell its products or services is known as__________. A. A cooperative. B. A franchise. C. An owner-manager business. D. A limited company

Description : A business arrangement where one party allows another party to use a business Name and sell its products or services is known as__________. A. A cooperative. B. A franchise. C. An owner-manager business. D. A limited company

Last Answer : B. A franchise.

A business arrangement where one party allows another party to use a business name and sell its products or services is known as__________. A. A cooperative. B. A franchise. C. An owner-manager business. D. A limited company.

Description : A business arrangement where one party allows another party to use a business name and sell its products or services is known as__________. A. A cooperative. B. A franchise. C. An owner-manager business. D. A limited company.

Last Answer : B. A franchise.

i work at a part time job and support myself. my income is limited but i want to start small housekeeping business. how can i advertise with limited income Also i have no credit card to use either?

Description : i work at a part time job and support myself. my income is limited but i want to start small housekeeping business. how can i advertise with limited income Also i have no credit card to use either?

Last Answer : If you talk to a local school or a gaming center they usually have used machines that are available. If not the school can give you the name of a supplier.

what is a A rate liability company

Description : what is a A rate liability company

Last Answer : You can search using AM Best's web site: http://www3.ambest.com/ratings/entities/search.aspx

Explain the following terms/concept : Unlimited Liability company

Description : Explain the following terms/concept : Unlimited Liability company

Last Answer : Explain the following terms/concept : Unlimited Liability company

What is an Unlimited Liability company?

Description : What is an Unlimited Liability company?

Last Answer : What is an Unlimited Liability company?

(i) The liability of shareholders of the company is unlimited.

Description : (i) The liability of shareholders of the company is unlimited.

Last Answer : Correct the underlined word and rewrite the following sentences : (i) The liability of ... dormant company is opposite to a Holding company.

Will a liability release form keep me from getting sued if an employee gets hurt driving the company car?

Description : Will a liability release form keep me from getting sued if an employee gets hurt driving the company car?

Last Answer : There is no need to have your employees sign a liability release form. All you have to do is check with your insurance company to make sure you are covered with liability insurance.

Liability of a Company Secretary is– (A) Contractual only (B) Statutory only (C) Civil only (D) Both contractual and statutory

Description : Liability of a Company Secretary is– (A) Contractual only (B) Statutory only (C) Civil only (D) Both contractual and statutory

Last Answer : Answer: Both contractual and statutory

A principal purpose of a letter of representation from management is to a. Remind management of its primary responsibility for financial statements. b. Serve as an introduction to company personnel and an authorization to examine the records. c. Discharge the auditor from legal liability for his examination. d. Confirm in writing management's approval of limitations on the scope of the audit

Description : A principal purpose of a letter of representation from management is to a. Remind management of its primary responsibility for financial statements. b. Serve as an introduction to company personnel and ... . d. Confirm in writing management's approval of limitations on the scope of the audit

Last Answer : Remind management of its primary responsibility for financial statements.

A principal purpose of a letter of representation from management is to a. Serve as an introduction to company personnel and an authorization to examine the records. b. Discharge the auditor from legal liability for his examination. c. Confirm in writing management's approval of limitations on the scope of the audit. d. Remind management of its primary responsibility for financial statements.

Description : A principal purpose of a letter of representation from management is to a. Serve as an introduction to company personnel and an authorization to examine the records. b. Discharge the auditor ... the scope of the audit. d. Remind management of its primary responsibility for financial statements.

Last Answer : Remind management of its primary responsibility for financial statements.

When the purchasing company does not take over a particular liability and the vendor company pays that liability, it will debit it to______ (A) Realisation Account (B) Bank Account (D) Liability Account (D) Creditors Account

Description : When the purchasing company does not take over a particular liability and the vendor company pays that liability, it will debit it to______ (A) Realisation Account (B) Bank Account (D) Liability Account (D) Creditors Account

Last Answer : (A) Realisation Account

When the purchasing company does not take over a particular liability and the vendor company pays that liability, it will debit it to (A) Realisation Account (B) Bank Account (C) Liability Account (D)None of the above

Description : When the purchasing company does not take over a particular liability and the vendor company pays that liability, it will debit it to (A) Realisation Account (B) Bank Account (C) Liability Account (D)None of the above

Last Answer : (A) Realisation Account

If the current assets and working capital of a company are rs.80,000 and rs.50000 then current liability will be------------- a) Rs.1,00,000 b) Rs.1,30,000 c) Rs.70000 d) Rs.30000

Description : If the current assets and working capital of a company are rs.80,000 and rs.50000 then current liability will be------------- a) Rs.1,00,000 b) Rs.1,30,000 c) Rs.70000 d) Rs.30000

Last Answer : d) Rs.30000

Business Liability Insurance ?

Description : Business Liability Insurance ?

Last Answer : form_title=Business Liability Insurance form_header=Protect your business with the right business liability insurance for your needs. What is the annual revenue of your company?=_ Does your company currently ... (BOP) [] Property [] Professional Liability [] Business Travel [] Business Automobile

A LLP is a new form of legal business entity with unlimited liability.

Description : A LLP is a new form of legal business entity with unlimited liability.

Last Answer : FALSE

A LLP is a new form of legal business entity with unlimited liability.

Description : A LLP is a new form of legal business entity with unlimited liability.

Last Answer : FALSE

If you had limited time to clean a dirty and cluttered house, what would you recommend cleaning or doing to prepare for company?

Description : If you had limited time to clean a dirty and cluttered house, what would you recommend cleaning or doing to prepare for company?

Last Answer : answer:Concentrate on the rooms the visitor will be in: the living room, dining room, bathroom. Close the bedroom doors. I would say pick up the debris.

Is it legal to have "limited" in a company name in U.S. without any legal meaning?

Description : Is it legal to have "limited" in a company name in U.S. without any legal meaning?

Last Answer : I thought it was legal, until I found this, that says A limited company may be formed in the United States by a fairly simple process. First, the owner or owners of the company, who will ... their state's Secretary of State. Each state has specific laws about how these articles should be written

What is the minimum number of directors of a bank owned by a public limited company ?

Description : What is the minimum number of directors of a bank owned by a public limited company ?

Last Answer : The minimum number of directors of a bank owned by a public limited company is 6.