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sammy
29 days ago
10

Which statements indicate that Rick’s company is a limited liability company? Rick Douglas is a bright and passionate lighting d

esigner. Following his passion for innovative lighting solutions, he founded a company called Dazzle in 2000. Dazzle is a successful, small company with annual revenue of $25 million. It offers residential, commercial, and theatrical lighting solutions. Apart from Rick, there are several other owners in the company who have made tremendous contributions to its growth. The profits are shared in a fair manner among all owners. Because Dazzle is not a separate tax entity, all the owners declare revenue earned through the company on their personal federal tax returns. The success of the company turned Douglas and the other owners into millionaires. Rick has a villa in the prestigious Kimberly Hills area. The $5 million dollar villa is protected from business liabilities unless the liability is incurred through wrongful acts.
Business
1 answer:
Scilla [3.3K]29 days ago
4 0

The statements are:

Dazzle, not being a distinct tax entity, means all owners report revenue from the company on their individual federal tax returns.

The $5 million villa is safeguarded from business debts unless those debts arise from wrongful conduct.

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