Coco Is Considering Forms of Business Organization for Her Confections

question 23

Multiple Choice

Coco is considering forms of business organization for her confections business-Coco's Cupcakes.Most states require that a limited liability company have

• A)no minimum number of members.
• B)at least one member.
• C)at least two members.
• D)at least three members,including at least one general partner.

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Definitions:

Current Liabilities

Obligations or debts that a company must pay within a year from the date of the balance sheet.

Cost Method

An accounting method used to value inventory or investments at their original cost.

Treasury Stock

Refers to the shares that a company has repurchased from the stock market and holds in its own treasury.

Treasury Stock

Shares that were issued and later reacquired by the issuing company, reducing the amount of outstanding stock on the open market.