Please fill in the percentages below for how much each categ…

Please fill in the percentages below for how much each category counts toward your final grade in this course: Chapter Assessments: [BLANK-1]% of your Final Grade Chapter Discussion Questions: [BLANK-2]% of your Final Grade Case Study and Presentation: [BLANK-3]% of your Final Grade Exams: [BLANK-4]% of your Final Grade

Sophia and Ethan created a partnership called “Crafted Creat…

Sophia and Ethan created a partnership called “Crafted Creations” to design and sell handmade furniture. The business earns $120,000 in profits during its first year. Instead of paying taxes as a business entity, Sophia and Ethan each report $60,000 (their equal shares of the profits) on their personal income tax returns. Which of the following best describes the tax treatment of their partnership?

When an LLC is dissolved, debts to creditors, including debt…

When an LLC is dissolved, debts to creditors, including debts owed to members who are creditors of the LLC, are paid first, followed by the return of the members’ capital contributions, and any remaining amounts are distributed to members either in equal shares or according to the terms of the operating agreement.

Taylor works for StarTech Solutions, a small tech consulting…

Taylor works for StarTech Solutions, a small tech consulting firm with $500,000 in annual revenue. After a car accident, Taylor becomes wheelchair-bound and requests that the company install an elevator to allow him to access the second-floor workspace. The cost of the elevator is estimated at $240,500, which exceeds 40% of the company’s annual revenue. When StarTech Solutions denies the request, citing financial hardship, Taylor files a lawsuit alleging disability discrimination under the Americans with Disabilities Act (ADA). Which of the following best describes the company’s obligations under the ADA?

Johnson Manufacturing, Inc. is a corporation owned by three…

Johnson Manufacturing, Inc. is a corporation owned by three shareholders: Mary, Alan, and Susan. The corporation operates a factory producing industrial equipment. Mary personally guarantees a loan for Johnson Manufacturing, Inc. to purchase new machinery. When the company defaults on the loan, the lender attempts to hold Alan and Susan personally liable for the debt, arguing that Johnson Manufacturing, Inc. is merely an extension of its shareholders. Under what circumstances can the court disregard the corporate entity and hold the shareholders personally liable for the corporation’s debts?