How Many of the Following Are Important Considerations When Developing $\bullet$

question 57

Multiple Choice

How many of the following are important considerations when developing a new accounting system or expanding an existing system?
$\bullet$ Flexibility/adaptability with a growing business
$\bullet$ Only fully understandable by senior managers
$\bullet$ Compatibility with the business operations
$\bullet$ Adequacy of built-in controls for business protection

• A) 1
• B) 2
• C) 3
• D) 4

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Definitions:

Limited Liability

Limited Liability is a legal principle that limits the financial liability of shareholders, owners, or members of a company to the amount they have invested in it.

Operating Agreement

An agreement between Limited Liability Company (LLC) members that specifies the organization's financial and operational choices.

LLCs Members

Individuals or entities that hold ownership interest in a Limited Liability Company and have rights and responsibilities as outlined in the LLC agreement.

RULLCA

Revised Uniform Limited Liability Company Act; a standard law adopted by some states to govern the formation, operation, and dissolution of LLCs.