A _______is a form of business organization authorized by state law in which the owners of the business have limited liability and taxes on profits are passed through the business entity to the owners.

Question

Quizplus · Accepted Answer

A limited liability company (LLC) is a business structure allowed by state statute where the owners have limited liability protection, and the profits are passed through to the owners without being taxed at the company level, aligning with the description provided.

A _______Is a Form of Business Organization Authorized by State