Which of the Following Statements Is TRUE for a Limited

question 117

Multiple Choice

Which of the following statements is TRUE for a limited liability partnership?

• A)The partnership pays no federal income taxes.
• B)Only the limited partners pay federal income taxes on their shares of the partnership's profits.
• C)Only the general partner pays federal income taxes on his or her share of the partnership's profits.
• D)Only the members pay federal income taxes on their shares of the partnership's profits.

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Definitions:

Blood Type O

A blood group characterized by the absence of A and B antigens on the surface of red blood cells, making it the universal donor type for red blood cell transfusion.

Blood Type AB

A human blood group in the ABO system that has both A and B antigens on the surface of red blood cells and no anti-A or anti-B antibodies in the plasma.

Father

A male parent or guardian of an offspring, contributing genetic material for the offspring's development.

Incomplete Dominance

A genetic situation in which two alleles produce a phenotype that is a blend of both alleles’ traits, neither allele being completely dominant over the other.