Which of the Following Statements Is Incorrect About LLCs and the Check-The-Box

question 59

Multiple Choice

Which of the following statements is incorrect about LLCs and the check-the-box Regulations?

• A) If a limited liability company with more than one owner does not make an election, the entity is taxed as a corporation.
• B) All 50 states have passed laws that allow LLCs.
• C) An entity with more than one owner and formed as a corporation cannot elect to be taxed as a partnership.
• D) If a limited liability company with one owner does not make an election, the entity is taxed as a sole ??????????????.
• E) A limited liability company with one owner can elect to be taxed as a corporation.

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Definitions:

Illicit Drugs

Substances whose production, sale, or use is prohibited by law.

Nonsmoking Peers

Individuals in a social group who choose not to smoke cigarettes or use tobacco products.

Mescaline

A naturally occurring psychedelic compound found in certain cacti, known for inducing altered states of consciousness and visual hallucinations.

Hallucinogens

Drugs that cause profound distortions in a person's perceptions of reality.