The Owners of Idle Time Gaming Company Would Like to Become

question 261

True/False

The owners of Idle Time Gaming Company would like to become an S corporation. Unfortunately, their lawyer advised them that they do not meet some of the requirements necessary to qualify as an S corporation. An alternative form of business that would give them similar advantages is a limited liability company.

---

Definitions:

Private-Sector Employees

Refers to individuals who are employed by businesses or organizations that are not owned or operated by the government.

Robinson-Patman Act

A 1936 United States law aimed at preventing unfair competition and price discrimination by requiring sellers to offer the same price terms to all buyers.

Price Discrimination

A pricing strategy where identical or substantially similar goods or services are sold at different prices by the same provider in different markets or to different buyers.

Regulated Monopolies

Companies that are the sole provider of a product or service in a market, but their operations are regulated by government entities to ensure fair practices.