An LLC That Was Organized in Alabama and Is Operating

question 50

Multiple Choice

An LLC that was organized in Alabama and is operating in Texas with no operations outside the United States is considered a ________ in Texas.

• A) foreign limited liability company
• B) limited liability partnership
• C) domestic limited liability company
• D) general partnership

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Definitions:

Amortization of Bond Discount

The gradual reduction of a bond discount over the life of the bond, transferring it from the balance sheet to interest expense on the income statement.

Semiannual Interest

Interest that is calculated and paid twice a year on investments or loans.

Straight-line Method

A method of allocating an asset's cost evenly across its useful life.

Installment Note Payable

A debt or loan that is to be returned to the lender in regular periodic payments.