Which of the Following Is a Characteristic of a Limited-Liability

question 122

Multiple Choice

Which of the following is a characteristic of a limited-liability company (LLC) ?

• A)An LLC's life is terminated at any member's choice or death.
• B)Each member of an LLC is liable only for his or her own actions.
• C)An LLC must have more than five members.
• D)The income of members from an LLC is not taxed.

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Definitions:

Economic Instability

A state characterized by significant fluctuations in economic activities such as employment, production, and prices, often leading to uncertainty.

Federal Reserve

The central banking system of the United States, responsible for monetary policy.

President and Congress

The branches of the United States government responsible for executing and creating laws, respectively, that govern the country.

American People

Citizens or residents of the United States of America.