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Explain What the "Rally 'Round the Flag" Effect Involves and Cite

question 90

Essay

 Explain what the "rally 'round the flag" effect involves and cite some recent examples and exceptions.


Definitions:

Limited Liability Company

A commercial foundation that unifies a corporation's limited liability with the direct tax benefits characteristic of partnerships or sole proprietorships.

Tax Election

A choice allowed under tax law that enables taxpayers to determine how they want certain tax rules to apply to them.

Member-Managed

Pertains to an organizational structure, typically in LLCs, where all members participate directly in decision-making and management activities.

Majority Vote

A decision-making process where the option that receives more than half of the votes is chosen.

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