Under the Check-The-Box Regulations, a Two-Owner LLC That Fails to Elect

question 18

True/False

Under the check-the-box Regulations, a two-owner LLC that fails to elect to be to treated as a corporation will be taxed as a sole proprietorship.

---

Definitions:

Followers

Individuals who support and adhere to the guidance or leadership of another person or group, often within the context of social, religious, or political movements.

Strict Hierarchy

A rigid organizational structure where each level is clearly defined and ranks above or below others in authority.

Clearly Drawn Rules

Explicit and well-defined guidelines or principles that govern behavior and processes.

Denomination

A recognized autonomous branch within a religion, characterized by its own unique beliefs, practices, and governance.