33. Same facts as above. The LI.C borrows money from ABC Bank,the LLC is debtor

Question

33. Same facts as above. The LI.C borrows money from ABC Bank,the LLC is debtor b. creditor c. guarantor d. surety 34. stating that if the LLC fails to pay the debt, Fred will pay the debt on the LLC's behalf. Franks is a Same facts as above. ABC Bank wants Fred to also sign a document a. debtor b. creditor C. d. mortgagee 35. Inc. be an S corporation? Olive, Inc. is a corporation with 100,000 shareholders. Could Olive, a. b. Yes No 36. Same facts as above. Where would one look to learn more about Olive, Inc.'s officers? a. the Articles of Incorporation b. the Articles of Organization c. the Bylaws d. the Operating Agreement 37. Same facts as above. Olive, Inc. has 103 full-time employees. Does the Affordable Care Act apply to Olive, Inc.? Yes a. b. No 38 Same facts as above. Olive, Inc. has 103 full-time employees. Does the Fair Labor Standards Act apply to Olive, Inc.? Yes b. No

Explanation / Answer

1. A. Debtor

A debtor is a person or an organization that takes a loan.

2. C. Guarantor

Guarantor is a person or an organization that guarantees that the loan interest would be paid even when the debtor is unable to pay it.

3. B. No

S corporations cannot have more than 100 employees.

4. A. The articles of incorporation.

Would tell us more about the structure and size of the organization.

5. A. Yes

Yes, they are eligible for affordable Healthcare act because the number of employees do not pose a challenge to their implementation.

6. A. Yes

Yes, fair labour standards apply to olive health care because the number of employees do not pose a challenge to their implementation.

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