Which of the Following Statements Is Incorrect About LLCs and the Check-The-Box

question 30

Multiple Choice

Which of the following statements is incorrect about LLCs and the check-the-box Regulations?

• A)If a limited liability company with more than one owner does not make an election, the entity is taxed as a corporation.
• B)All 50 states have passed laws that allow LLCs.
• C)An entity with more than one owner and formed as a corporation cannot elect to be taxed as a partnership.
• D)If a limited liability company with one owner does not make an election, the entity is taxed as a sole proprietorship.
• E)A limited liability company with one owner can elect to be taxed as a corporation.

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Definitions:

Substantially the Same Job

A position that is almost identical in terms of duties, conditions, responsibilities, and status to another job.

Age Discrimination

Unfair treatment of an individual or group based on their age, particularly in employment settings.

ADEA

Age Discrimination in Employment Act, a U.S. law designed to protect workers and job applicants aged 40 and over from age-based discrimination.

Bona Fide Occupational Qualification

An employment qualification that an employer can legally consider while making decisions about hiring and retaining employees, provided it is reasonably necessary to the normal operation of the particular business.