A business entity operated and taxed like a partnership,but with limited liability for the owners,is called a:
A) limited liability company.
B) general partnership.
C) limited proprietorship.
D) sole proprietorship.
E) corporation.

Question

Quizplus · Accepted Answer

A limited liability company (LLC) is a business entity that combines the tax benefits of a partnership with limited liability protection for its owners. This means that the owners (also known as members) are not personally liable for the debts and obligations of the LLC, and their personal assets are protected. LLCs also have the flexibility to choose how they want to be taxed – as a partnership, S corporation, or C corporation.

A Business Entity Operated and Taxed Like a Partnership,but with Limited