Answer :
Final answer:
11. The given statement, "Can a Limited Liability Company be taxed as a partnership/ sole proprietorship," is false (F) because a Limited Liability Company (LLC) cannot be taxed as a partnership or sole proprietorship.
12. Yes, a limited liability company (LLC) can elect to be taxed as a corporation by filing the appropriate forms with the IRS.
13. No, if an LLC is taxed as a partnership, the partners are not personally liable for the debts of the LLC.
14. Generally, corporate shareholders are not personally liable for the debts of the corporation, except in specific situations like piercing the corporate veil.
15. In most cases, a policeman does not need a warrant to search your garbage can when it's placed at the curb because it's considered abandoned property.
16. If someone flees to their house while being pursued by the police, the police may need a warrant to enter the house, but exigent circumstances might allow them to enter without one.
17. McDonald's could potentially sue for trademark infringement if your restaurant uses golden arches that could be confused with their iconic logo.
18. Microsoft would likely assert a copyright action if you used their source code without authorization, rather than a patent action.
19. A utility patent covers the functionality and features of an invention, while a design patent covers the ornamental design or appearance of a product.
20. Miranda rights include the right to remain silent, the right to an attorney, and the warning that anything you say can be used against you in a court of law.
Explanation:
A limited liability company (LLC) can elect to be taxed as a corporation by filing the appropriate forms with the IRS. This is known as making an entity classification election and is typically done on Form 8832. If an LLC is taxed as a partnership, the partners are not personally liable for the debts of the LLC. One of the key advantages of an LLC is that it provides limited liability to its owners (members). Generally, corporate shareholders are not personally liable for the debts of the corporation, except in specific situations like piercing the corporate veil. Corporate shareholders have limited liability, which means their personal assets are typically protected from the corporation's debts and liabilities.
In most cases, a policeman does not need a warrant to search your garbage can when it's placed at the curb because it's considered abandoned property. This is based on the legal principle that individuals have no reasonable expectation of privacy in items placed for collection in public areas. If someone flees to their house while being pursued by the police, the police may need a warrant to enter the house, but exigent circumstances might allow them to enter without one. The Fourth Amendment generally requires a warrant for a home search, but exceptions may apply in situations of immediate danger or pursuit.
McDonald's could potentially sue for trademark infringement if your restaurant uses golden arches that could be confused with their iconic logo. Trademark law protects against the unauthorized use of marks that may cause consumer confusion. Microsoft would likely assert a copyright action if you used their source code without authorization, rather than a patent action. Copyright law protects the expression of ideas, including software source code, while patent law protects new and useful inventions or processes.
A utility patent covers the functionality and features of an invention, while a design patent covers the ornamental design or appearance of a product. Utility patents protect how something works or is used, while design patents protect how something looks. Miranda rights include the right to remain silent, the right to an attorney, and the warning that anything you say can be used against you in a court of law. These rights are read to individuals in custody to protect their Fifth Amendment rights against self-incrimination.
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