Forming a Limited Liability Company Requires Filing Articles of Organization

question 34

True/False

Forming a limited liability company requires filing articles of organization in a state office.

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Definitions:

Perpetual Inventory System

A method of keeping track of inventory in real-time, where inventory levels are updated after every sale or purchase transaction.

FOB Shipping Point

A term used in shipping agreements indicating that the buyer is responsible for the cost of shipping and risk of loss from the shipping point.

Credit Terms

Conditions under which credit is extended by a seller to a buyer, detailing the repayment period, any discounts for early payment, and penalties for late payment.

Discount Period

The timeframe during which a payment may be made at a reduced rate, often used in terms of sales or note receivables.