Examlex
Which of the following is not correct?
Partnerships
An official business operation conducted by two or more people, with a shared management system and profit allocation.
Double Taxation
The imposition of two or more taxes on the same income, asset, or financial transaction.
Limited Liability Company
A commercial foundation that unifies a corporation's limited liability with the direct tax benefits characteristic of partnerships or sole proprietorships.
Tax Election
A choice allowed under tax law that enables taxpayers to determine how they want certain tax rules to apply to them.
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