Which of the Following Is NOT an Essential Characteristic of a Limited

question 5

Multiple Choice

Which of the following is NOT an essential characteristic of a limited liability company (LLC) ?

• A)The LLC can elect to be taxed as a partnership or a corporation.
• B)Members' ownership interest is completely and freely transferable.
• C)Members have limited liability for the obligations of the LLC.
• D)The bankruptcy of one member does not dissolve the LLC.

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Definitions:

Aboriginal Rights

Legal or moral rights that some governments recognize as being inherent to indigenous peoples based on their historical ties to a particular territory.

Beothuk Population

An indigenous people of Newfoundland, Canada, known historically for their red ochre culture, who became extinct in the early 19th century.

Extinct

Refers to a species, group, or phenomenon that no longer exists or appears in the natural world.

Public Life

The aspect of someone's life that is concerned with their roles, responsibilities, and activities in the public eye or society as a whole.