Which of the Following Is a Not True About an LLC

question 52

Multiple Choice

Which of the following is a not true about an LLC?

• A)LLCs are not required to have a general partner.
• B)LLC members can participate in the management of the business.
• C)Taxable income and losses pass through to the owners.
• D)An LLC must have at least two members.

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Definitions:

Indirect Cost

A cost that cannot be easily and conveniently traced to a specified cost object.

Factory Supervisor

An individual responsible for overseeing the production processes and workers within a manufacturing facility.

Direct Cost

A cost that can be easily and conveniently traced to a specified cost object.

Prime Cost

Direct materials cost plus direct labor cost.