Which of the Following Is NOT True of an LLC

question 41

Multiple Choice

Which of the following is NOT true of an LLC?

• A)profits and losses are reported on individual tax returns
• B)there is double taxation-on the corporation and on personal income
• C)LLCs have continuous existence
• D)there is potential tax sheltering from losses while personal assets are protected.

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Definitions:

Bottom-up Processing

An approach to information processing that starts with the sensory input and builds up to the final perception in a step-wise fashion.

Bipolar Cells

A type of nerve cell found in the retina that functions as a relay between photoreceptors and ganglion cells, contributing to the preliminary processing of visual information.

Ganglion Cells

A type of neuron located in the retina that receives visual information from photoreceptors and transmits it to the brain.

Optic Nerve

is the nerve that transmits visual information from the retina to the brain.