A Limited Liability Company

question 43

Multiple Choice

A limited liability company:

• A) always qualifies for partnership tax treatment.
• B) never qualifies for partnership tax treatment.
• C) may qualify for partnership tax treatment.
• D) None of the above.

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Definitions:

Utility

The satisfaction received from consumption; sense of well-being.

Satisfaction

The feeling of pleasure or fulfillment that comes from meeting one's needs or expectations.

Real Wages

Wages adjusted for inflation, reflecting the actual purchasing power of income.

Opportunity Cost

Opportunity cost represents the value of the best alternative that must be forgone as a result of choosing a particular action or decision over others.