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ELP Partnership is in the process of winding up. ELP consists of three partners, Emerson, Lake, and Palmer. The partnership has assets of $120,000 but debts of $60,000. Included in the partnership’s debts is $30,000 owed to Emerson. As a result of the dissolution and winding up of the partnership, what do the partners receive?
The five owners of Kombustible and Ballistic and Otherwise Objectionable Materials (“KABOOM”) desire to organize a business entity and properly qualify the company to do business. KABOOM maintains a manufacturing facility in Pennsylvania and sales offices in Pennsylvania, Maryland, and Virginia. KABOOM sells products online and has regularly sold and delivered products to customers in Pennsylvania, Maryland, and Virginia. Over the past year, KABOOM made two sales to customers in Delaware. Answer the following.
Which of the following types of entities are available for use by the owners?
If the owners desire to establish liability protection for themselves, which type of entity may the organizers form?
Assume that the organizers elect to form a limited liability company. Where may the organizers file articles of organization?
Assume that the organizers elect to form a Pennsylvania limited liability company. Apart from Pennsylvania and based on the facts above, where else would you recommend to the organizers that they must qualify KABOOM to do business?
True or False:
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