Which of the following statements regarding limited liability companies is false?
A) Every member of an LLC has limited liability for the LLC's debts.
B) An LLC with only one member is generally treated as a corporation for income tax purposes.
C) An LLC with more than one member is generally treated as a partnership for income tax purposes.
D) State laws do not limit the number of members or the type of entity that can be a member in an LLC.
Correct Answer:
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