Which of the Following Statements About Limited Liability Companies (LLCs)

question 94

Multiple Choice

Which of the following statements about limited liability companies (LLCs) is true?

• A)LLCs are not corporations.
• B)LLCs are like S corporations in that they appeal to small businesses.
• C)LLCs offer their owners the option of being taxed as either a partnership or a corporation.
• D)LLCs are legal in all states in the U.S.
• E)All of the above statements about LLCs are true.

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Definitions:

UPC

Universal Product Code, a barcode symbol that retailers use to track trade items in stores and inventory systems.

13-digit Code

Often refers to the International Standard Book Number (ISBN) used to uniquely identify books and related publications.

Inventory

The total amount of goods and materials held in stock by a business, used in production or ready for sale.

Mutual Trust

The shared belief between parties that each will act in the interest of the other, critical for successful personal and professional relationships.