Identify a True Statement About a Limited Liability Company (LLC)

question 68

Multiple Choice

Identify a true statement about a limited liability company (LLC) .

• A) A limited liability company can be taxed as a corporation only.
• B) One of the owners of a limited liability company is designated as a general partner with unlimited personal financial liability.
• C) A limited liability company has no more than 100 stockholders.
• D) One of the owners of a limited liability company can participate in the management of the business.
• E) A limited liability company can have more than one type of stock outstanding.

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Definitions:

Societal Promotions

Marketing activities aimed at promoting social causes or contributing to societal goals rather than focusing solely on direct sales.

Compulsory Licence

A directive by the Commissioner of Patents requiring the patentee to license others to produce a product for the general benefit of the public.

Beneficiary

A person designated to receive benefits from an insurance policy, trust, or will upon certain conditions, such as the death of the policyholder.

Patent Holder

An individual or entity that legally owns the rights to an invention or process granted by a patent.