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

question 190

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 earnings of an LLC are subject to double taxation.

---

Definitions:

Equilibrium Price

The price at which the quantity of a good or service demanded by consumers equals the quantity supplied by producers, leading to a stable market condition.

Government Implements

Actions taken by the government to put policies, regulations, or laws into effect.

Price Ceiling

A government-imposed limit on how high a price can be charged on a product, intended to protect consumers from high prices.

Consumers

Consumers are individuals or organizations that acquire goods and services for private purposes.