A limited liability company: ______.
A) is the same type of business entity as a "Subchapter S" corporation.
B) has no restriction on the number of owners.
C) is taxed in a manner similar to that of a corporation.
D) has unlimited life regardless of what happens with any individual member.

Question

Quizplus · Accepted Answer

DLimited liability companies (LLCs) do not have restrictions on the number of owners, allowing them to have as many members as they wish, unlike S corporations which have a limit on the number of shareholders. LLCs also have the advantage of continuity of life, meaning the company can continue to exist even if a member leaves or passes away, which is a characteristic designed to provide stability and longevity to the business structure.

A Limited Liability Company: ______