Which of the Following Statements, If Any, About a Multi-Member

question 128

Multiple Choice

Which of the following statements, if any, about a multi-member LLC is false?

• A)A multi-member LLC is usually taxed like a partnership.
• B)"Members" of an LLC generally have limited personal liability for debts of the LLC, except for the managing member who has unlimited liability for LLC debts.
• C)"Members" of an LLC can participate in management of the LLC unless the member agrees not to participate.
• D)An LLC can specially allocate income items, as long as the substantial economic effect rules of § 704(b) are followed.
• E)None of the above statements is false.

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Definitions:

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AAMA's Certification Examination

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