Which of the Following Is True Regarding the Legal Relationship

question 88

Multiple Choice

Which of the following is true regarding the legal relationship between a limited liability company and its members?

• A) A limited liability company is not a separate legal entity distinct from its members.
• B) A limited liability company is a separate legal entity, distinct from its members.
• C) A limited liability company is a separate legal entity only from members who own less than fifty percent of the company's stock.
• D) A limited liability company is the "alter ego" of its members.
• E) A limited liability company is a separate legal entity distinct from its members at the federal level, but not at the state level.

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