Identify Which of the Following Statements Is True

question 118

Multiple Choice

Identify which of the following statements is true.

• A)Under the check-the-box regulations, an LLC that has one member (owner)may be disregarded as an entity separate from its owner.
• B)An unincorporated business may not be taxed as a corporation.
• C)A new LLC that is owned by four members elects to be taxed under its default classification (as a partnership)in its first year of operations. The entity is prohibited from changing its tax classification at any time in the future.
• D)All of the above are false.

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Definitions:

Value Chain Management

An approach that focuses on maximising value creation and competitive advantage by effectively managing the flow of goods, information, and collaboration across all the business processes and functions.

Total Quality Management

A comprehensive approach to long-term success that views continuous improvement in all aspects of an organization's operations as a process and not as a short-term goal.

Governmental Regulatory Agencies

Official organizations responsible for creating and enforcing rules and regulations to protect public interest in various sectors such as finance, health, and the environment.

Benchmarking

A process of comparing one's business processes and performance metrics to industry bests or best practices from other companies.