In Order to Obtain Limited Liability,Tom and Doris Formed an LLC

question 33

Essay

In order to obtain limited liability,Tom and Doris formed an LLC to operate their catering business.They sometimes deposit the proceeds from catering jobs into their personal checking accounts,and if they need to pay personal bills and are short of funds,they use the business account.If creditors of the business cannot get payment for their invoices,is there anything a court can do to help the creditors?

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Definitions:

Serial Position Effects

A memory-related phenomenon where people tend to recall the first and last items in a series better than the middle items.

Sensory Memories

The shortest-term element of memory, allowing the retention of impressions of sensory information after the original stimuli have ended.

Rehearsal

A cognitive process involving the conscious repetition of information to be remembered, facilitating its transfer to long-term memory.

Speed-reading

A collection of reading methods that increase the speed and efficiency of reading without greatly reducing comprehension or retention.