Business, 25.11.2021 14:00 dinapearce6078

Assume the football team is set up as a C corporation and that Lenny, Sarah, and Sam are the shareholders. After setting up the corporation, no formalities of the corporation were kept. Lenny, Sarah and Sam all pay most of their personal bills out of corporate bank accounts. The team is sued for negligence because an individual who turned to see the quarterback running naked crashed her car, but the team does not have sufficient funds or insurance to cover the judgment. Which of the following is true? a. The corporation may have liability as well as the owners individually, and the owners' liability unlimited.
b. The corporation may have liability as well as the owners individually, but the owners' individual liability is limited to twice their investment in the company.
c. The individual owners may have liability, but not the corporation itself.
d. The corporation may have liability, but not the individual owners.

Answers: 1

Show answers

Another question on Business

Business, 21.06.2019 22:40

wilson's has 10,000 shares of common stock outstanding at a market price of $35 a share. the firm also has a bond issue outstanding with a total face value of $250,000 which is selling for 102 percent of face value. the cost of equity is 11 percent while the preminustax cost of debt is 8 percent. the firm has a beta of 1.1 and a tax rate of 34 percent. what is wilson's weighted average cost of capital?

Answers: 3

Answer

Business, 22.06.2019 05:00

Ajewelry direct sales company pays its consultants based on recruiting new members. question 1 options: the company is running a pyramid scheme, which is illegal. the company is running a pyramid scheme, which is legal. the company has implemented a legal and ethical plan for growth. the company uses this method of compensation to reduce the fee for the product sample kit.

Answers: 3

Answer

Business, 22.06.2019 13:10

bradford, inc., expects to sell 9,000 ceramic vases for $21 each. direct materials costs are $3, direct manufacturing labor is $12, and manufacturing overhead is $3 per vase. the following inventory levels apply to 2019: beginning inventory ending inventory direct materials 3,000 units 3,000 units work-in-process inventory 0 units 0 units finished goods inventory 300 units 500 units what are the 2019 budgeted production costs for direct materials, direct manufacturing labor, and manufacturing overhead, respectively?

Answers: 2

Answer

Business, 22.06.2019 17:10

At the end of the current year, accounts receivable has a balance of $550,000; allowance for doubtful accounts has a credit balance of $5,500; and sales for the year total $2,500,000. an analysis of receivables estimates uncollectible receivables as $25,000. determine the net realizable value of accounts receivable after adjustment. (hint: determine the amount of the adjusting entry for bad debt expense and the adjusted balance of allowance of doubtful accounts.)

Answers: 3

Answer

You know the right answer?

Assume the football team is set up as a C corporation and that Lenny, Sarah, and Sam are the shareho...

Questions