Which of the Following Is True of Limited Liability Companies

question 36

Multiple Choice

Which of the following is true of limited liability companies?

• A)They are taxed like a C corporation.
• B)They are very complex and difficult to run.
• C)They require members to regularly hold meetings.
• D)They are established for a specific project or for a limited time.
• E)They protect the members' personal assets in case of lawsuits.

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Definitions:

Minimum Wage

The lowest legal hourly pay that employers can compensate workers, set by government law.

Pay Grade

A step or level within an organization’s pay structure that defines the pay scale for job positions according to their responsibility, skill level, and job characteristics.

Pay Structure

The organization of different levels of pay for different jobs within a company, reflecting factors such as skill, seniority, and performance.

Pay Scale Overlaps

Refers to situations where the salary ranges for different positions within an organization overlap, allowing for potential discrepancies in pay for roles of differing responsibilities.