Which of the following statements about limited liability companies (LLCs) is true?
A)LLCs are not corporations.
B)LLCs are like S corporations in that they appeal to small businesses.
C)LLCs offer their owners the option of being taxed as either a partnership or a corporation.
D)LLCs are legal in all states in the U.S.
E)All of the above statements about LLCs are true.

Question

Quizplus · Accepted Answer

All of the provided statements accurately describe characteristics of limited liability companies (LLCs). LLCs are indeed not corporations but offer a flexible business structure. They appeal to small businesses similarly to S corporations, provide options for tax treatment (as a partnership or a corporation), and are recognized as legal entities in all U.S. states.

Which of the Following Statements About Limited Liability Companies (LLCs)