Identify a True Statement About Limited Liability Companies (LLCs)

question 46

Multiple Choice

Identify a true statement about limited liability companies (LLCs) .

• A) The owners of LLCs can elect to have the company treated as a partnership for tax purposes.
• B) Unlike corporations, LLCs are required to hold regular board meetings.
• C) Unlike S corporations, the owners of LLCs cannot include foreign investors and other corporations.
• D) Most states permit banks, insurance companies, and nonprofit organizations to operate as LLCs.

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Definitions:

Adopted Children

Children who have been legally taken into a family different from their biological one, creating a permanent parent-child relationship.

Exogamous

Referring to a social arrangement where marriage is only permitted outside a social group or community.

Endogamous

Pertaining to the practice of marrying within a specific social group, caste, or ethnicity, often to maintain cultural or religious continuity.

Incestuous

Involving sexual relations between close relatives who are forbidden by law or cultural norms to marry.