Multiple Choice 50. Which of these statements about management and control of bu
ID: 349795 • Letter: M
Question
Multiple Choice
50. Which of these statements about management and control of business organizations is not correct? (Assume that any default provisions of the RCW apply.)
A. A limited partnership is managed by the general partner(s), or those having a "general partnership" role.
B. A for-profit (“C”) corporation is managed by its shareholders.
C. A sole proprietorship is managed by the sole proprietor.
D. A limited liability company is managed by its members, or by managers appointed by the members, or by a board, under legislation effective this year.
Explanation / Answer
Ans: D. A limited liability company is managed by its members, or by managers appointed by the members, or by a board, under legislation effective this year.
A limited Liability Company is managed by the owners of that company and more like to be as partners of the company. Partners are responsible for the handling and management of the company. There is no board of director or share holders like corporation to manage the company. Companies tax return is being passed via owner's tax return.
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