Which of the following is true regarding conversion of an existing business to a limited liability company,assuming any applicable requirements to do so are satisfied?
A) An existing business may not be converted to a limited liability company.
B) General partnerships may be converted to limited liability companies, but other business forms may not be converted.
C) General partnerships and limited partnerships may be converted to limited liability companies, but corporations cannot.
D) General partnerships and corporations may be converted to limited liability companies, but other business forms may not be converted.
E) General partnerships, limited partnerships, and corporations may be converted to limited liability companies.
Correct Answer:
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