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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?
Age of Majority
The age at which a person is legally recognized as an adult and is fully responsible for his or her actions.
Ratify Contracts
To formally confirm or approve an agreement, making it officially valid.
Minor
A person who is below the legal age of majority, which varies by jurisdiction, making them legally incapable of entering into certain contracts and responsibilities.
Intoxicated Person
An individual under the influence of alcohol or drugs to the extent that their mental or physical capabilities are significantly impaired.
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