An LLC is different from a corporation in that an LLC has:
A)a "distribution of net income" section in its financial statements.
B)Retained Earnings in its financial statements.
C)Income Tax Expense in its financial statements.
D)Dividends in its financial statements.

Question

Quizplus · Accepted Answer

The LLC in particular is an increasingly common form of business that combines legal characteristics of corporations (such as a separate legal identity and limited liability)with the tax treatment of partnerships (where tax is paid by the individual owners rather than by the business entity itself).

An LLC Is Different from a Corporation in That an LLC