A ________ is a form of business organization that combines the advantages of both a partnership and a corporation.
A) limited liability company
B) limited liability partnership
C) C Corporation
D) general partnership

Question

Quizplus · Accepted Answer

A limited liability company (LLC) combines the pass-through taxation benefits of a partnership with the limited liability protection of a corporation. Members (owners) of an LLC are not personally liable for the company's debts or liabilities, but the company's profits and losses pass through to the members' tax returns. LLCs can have a flexible management structure and fewer formalities than a corporation, making them a popular choice for small businesses.

A ________ Is a Form of Business Organization That Combines