Which of the following is TRUE in regards to a limited liability company?

Question

Quizplus · Accepted Answer

A limited liability company (LLC) is a type of business organization that provides tax and liability advantages to its owners. It is not organized as a corporation, but rather is a separate legal entity that combines the liability protection of a corporation with the tax flexibility of a partnership. The owners of an LLC are called members, and they are not personally liable for the company's debts or legal actions. Additionally, an LLC can elect to be taxed as a partnership, which avoids double taxation of profits as is the case with a corporation. Therefore, all the options given in the question are correct.

Which of the Following Is TRUE in Regards to a Limited