A limited liability company is a(n)________ LLC in the state in which it is organized.

Question

Quizplus · Accepted Answer

A limited liability company is considered a domestic LLC in the state in which it is organized, meaning it is organized under the laws of that particular state. Option A is incorrect as a "close corporation" refers to a certain type of closely-held corporation, not an LLC. Option B is incorrect as while many LLCs are closely-held, it is not a necessary characteristic of an LLC. Option C is incorrect as an LLC is not immune, rather it provides limited liability protection for its members. Option E is incorrect as an "S-corporation" is a specific tax designation that is separate from an LLC.

A Limited Liability Company Is A(n)________ LLC in the State