select the correct text in the passage. which statements indicate that ricks company is a limited liability…

select the correct text in the passage. which statements indicate that ricks company is a limited liability company? rick douglas is a bright and passionate lighting designer. following his passion for innovative lighting solutions, he founded a company called dazzle in 2000. dazzle is a successful, small company with annual revenue of $25 million. it offers residential, commercial, and theatrical lighting solutions. apart from rick, there are several other owners in the company who have made tremendous contributions to its growth. the profits are shared in a fair manner among all owners. because dazzle is not a separate tax entity, all the owners declare revenue earned through the company on their personal federal tax returns. the success of the company turned douglas and the other owners into millionaires. rick has a villa in the prestigious kimberly hills area. the $5 million dollar villa is protected from business liabilities unless the liability is incurred through wrongful acts.

select the correct text in the passage. which statements indicate that ricks company is a limited liability company? rick douglas is a bright and passionate lighting designer. following his passion for innovative lighting solutions, he founded a company called dazzle in 2000. dazzle is a successful, small company with annual revenue of $25 million. it offers residential, commercial, and theatrical lighting solutions. apart from rick, there are several other owners in the company who have made tremendous contributions to its growth. the profits are shared in a fair manner among all owners. because dazzle is not a separate tax entity, all the owners declare revenue earned through the company on their personal federal tax returns. the success of the company turned douglas and the other owners into millionaires. rick has a villa in the prestigious kimberly hills area. the $5 million dollar villa is protected from business liabilities unless the liability is incurred through wrongful acts.

Answer

Brief Explanations:

In a limited - liability company, owners' personal assets are generally protected from business liabilities except in cases of wrongful acts. The statement about Rick's $5 million villa being protected from business liabilities unless the liability is incurred through wrongful acts indicates the limited - liability nature of the company.

Answer:

The $5 million villa is protected from business liabilities unless the liability is incurred through wrongful acts.