Which of the Following Statements Is Incorrect

question 129

Multiple Choice

Which of the following statements is incorrect?

• A) The number of owners of an LLC is not limited.
• B) If the LLC has three or more corporate characteristics, it will be taxed as a C corporation.
• C) An LLC can elect to be taxed as a C corporation or as a partnership.
• D) Only a. and c.
• E) a., b., and c. are incorrect.

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Definitions:

Thieu

Nguyen Van Thieu was a South Vietnamese military officer and political leader who served as president of South Vietnam from 1965 to 1975.

ARVN

ARVN stands for the Army of the Republic of Vietnam; it was the military force of the South Vietnamese government during the Vietnam War.

Richard M Nixon

The 37th President of the United States, serving from 1969 until his resignation in 1974, primarily known for his involvement in the Watergate scandal.