Under the Check-The-Box Rules, an LLC with More Than One

question 72

True/False

Under the check-the-box rules, an LLC with more than one member is taxed as a partnership unless it elects to be taxed as a corporation.

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Definitions:

Offeree

The person or entity to whom an offer is made, which can be accepted, resulting in a binding contract.

Consideration

In contract law, consideration refers to something of value that is exchanged between parties as part of an agreement.

Promisee

The party in a contract who is to receive the benefit of the promise or action stipulated in the agreement.

Promisor

A party who makes a promise or commitment in a contract.