Question

Noknotsense hair salon incorporated this year and is now an llc. according to the economic entity assumption, the owner of the salon is now required to

Answer 1

The answer to this question is to keep the salon's economic records separate from her own.
By creating an LLC (limited liability corporation), the ower of the salon will ensure the safety of his/her personal wealth from the business.
If an LLC business fail, the debtor Cannot pursue the residual debt from business operation to the owner and have to acknowledge it as their loss.