The Limited Liability Company Form of Organization

question 39

Multiple Choice

The limited liability company form of organization

• A) avoids the double taxation of C corporations.
• B) affords less protection from liability than partnerships.
• C) is a poor choice for new businesses.
• D) can offer stock incentives to employees.

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Definitions:

QuickBooks Backup File

A file created by QuickBooks software to save a copy of all the company's accounting data.

File Types

Categories of digital files, determined by their formats, that dictate how data is stored, displayed, and used.

Customer Section

A part of an accounting or sales software where information related to clients, such as transactions and contact details, is stored.

Receive Payments

The act of accepting monetary transactions from clients as compensation for provided services or products sold.