What is a hybrid entity that has the legal protections of a corporation and the ability to be taxed (one time) as a partnership?
A) Limited partnership
B) Limited liability corporation
C) Limited proprietorship
D) Limited shareholder
This is the definition of LLC.

Question

Quizplus · Accepted Answer

A limited liability corporation (LLC) is a hybrid entity that offers the legal protections of a corporation while also allowing for the flexibility of a partnership in terms of taxation. This means that an LLC is not separate from its owners for tax purposes and income is only taxed once, as opposed to a regular corporation where income is taxed at both the entity and individual level.

What Is a Hybrid Entity That Has the Legal Protections