RenPop LLC is a limited liability company with three members…

RenPop LLC is a limited liability company with three members: Amanda, Richie, and Donald. Upon forming the LLC, the members are faced with a decision regarding how the entity will be taxed. They seek advice to understand the implications of their choices. Which of the following statements about the taxation of RenPop LLC is correct?

Amanda, Bryan, and Clara are partners in ABC Consulting, a g…

Amanda, Bryan, and Clara are partners in ABC Consulting, a general partnership specializing in business advisory services. Without informing Amanda or Bryan, Clara enters into a contract with Delta Corp for a consulting project worth $50,000. Clara introduces herself as a partner of ABC Consulting during negotiations. Delta Corp relied on this representation when entering into the contract. When Delta Corp demands payment for costs associated with the project, Amanda and Bryan claim they are not liable because they were unaware of Clara’s actions. Which of the following best describes the likely outcome?