Which of the following is a not true about an LLC?
A) LLCs are not required to have a general partner.
B) LLC members can participate in the management of the business.
C) Taxable income and losses pass through to the owners.
D) An LLC must have at least two members.
Correct Answer:
Verified
Q65: Which of the following is true about
Q66: A partner's receipt of guaranteed payments is
Q67: There is no general partner required in
Q68: Josh is a 30% partner in the
Q69: At the beginning of the year, Joe's
Q71: Kitty is a 60 percent partner of
Q72: The "at-risk" rule does not apply to
Q73: During the current year, Jay is a
Q74: The "at-risk" rule acts to prevent tax
Q75: Owen owns 60 percent of the Big
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents