A Limited Liability Company (LLC) Cannot Elect Under the Check-The-Box

question 55

True/False

A limited liability company (LLC) cannot elect under the check-the-box rules to be taxed as an S corporation.

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Definitions:

Nori

A type of edible seaweed often used in Japanese cuisine, especially for wrapping sushi.

Red Algae

A group of primarily aquatic photosynthetic organisms known for their reddish pigments, which allow them to live at greater depths than many other photosynthetic species.

Green Algae

A diverse group of photosynthetic organisms found in various aquatic environments, considered important precursors to land plants and characterized by green chlorophyll pigments.

Brown Algae

A group of photosynthetic, multicellular marine algae, including many seaweeds, in the class Phaeophyceae.