Under the Internal Revenue Code, a Limited Liability Company (LLC)

question 8

Multiple Choice

Under the Internal Revenue Code, a limited liability company (LLC) exhibits all four characteristics of a corporation. Which of the following is NOT one of the four characteristics?

• A) Limited liability
• B) Tax-exempt status
• C) Continuity of life
• D) Free transferability of interests
• E) Centralized management

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Definitions:

Widowed Mother

A woman who has lost her spouse through death and is raising her children alone.

Developmental Stages

The distinct phases of growth and development an individual undergoes from infancy through adulthood, involving both physical and psychological changes.

Planning Goals

The process of identifying specific objectives to be achieved within a set period.

Vague

Lacking in clarity, specificity, or detail, often resulting in ambiguity or misunderstanding.