The Default Tax Classification of a Limited Liability Company Having

question 13

True/False

The default tax classification of a limited liability company having two or more members, is that of a sole proprietorship.

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Definitions:

Gift Promises

A declaration by an individual to transfer ownership of an item to another without the exchange of payment.

Legality

The state of being in accordance with the law; legality refers to conformity with statutes and regulations.

Consideration

In contract law, something of value exchanged between parties that is essential for a valid and enforceable contract.

Public Officials

Individuals elected or appointed to carry out governmental duties and responsibilities.