A Limited Liability Company That Has Only One Member Is

question 52

True/False

A limited liability company that has only one member is generally treated as a disregarded entity for federal tax purposes.

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Definitions:

Reserve Requirements

Rules established by central banks that specify the lowest reserve amount that banks are required to maintain against customer deposits.

Checking Accounts

Bank accounts on which the account holder can draw checks against the money deposited.

Time Deposits

Banking or financial accounts that hold funds for a fixed period, during which the depositor cannot access their money without incurring a penalty.

Federal Banks

Centralized banking institutions established by a country to oversee the monetary system and implement national economic policies.