If a Partnership Chooses to Form an LLC, Under the Check-The-Box

question 66

Multiple Choice

If a partnership chooses to form an LLC, under the check-the-box rules, and assuming no elections are made, the entity will be taxed as

• A)a partnership if it has more than one member.
• B)an S corporation.
• C)a C corporation.
• D)Unable to determine from the facts presented.

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Definitions:

Wagner-Whitin Algorithm

An algorithm used in inventory management for determining the most cost-efficient timing and quantity of reordering to minimize costs.

Load Report

A report for showing the resource requirements in a work center for all work currently assigned there as well as all planned and expected orders.

Resource Requirements Profile

A detailed outline that shows the types and quantities of resources needed at specific times during a project.

Work Centre

A specific area within a manufacturing facility where a distinct type of operations or tasks are carried out.