The Income of a Single Member LLC Is Taxed to Its

question 52

True/False

The income of a single member LLC is taxed to its owner under the sole proprietorship rules if no election to be taxed as a corporation is made.

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Definitions:

Liability

Being under a legal obligation to answer for something, especially with respect to owing money or fulfilling legal requirements.

Mortgage Interest Rates

The cost of borrowing money expressed as a percentage of the total amount of the loan, applied to mortgages.

NSF Charges

Non-Sufficient Funds (NSF) charges are fees charged when a transaction is attempted on an account without adequate funds to cover it.

Legal Rights

Refers to the entitlements granted by legal systems or societal norms to individuals or entities, encompassing freedoms, privileges, and protections under law.