A Limited Liability Company (LLC)

Multiple Choice

A limited liability company (LLC) :

A) is a hybrid between a sole proprietorship and a partnership.
B) prefers its profits be taxed as personal income to its owners.
C) that meets the IRS criteria to be an LLC will be taxed like a corporation.
D) provides limited liability for some, but not all, of its owners.
E) cannot be created for professional service firms, such as accountants and attorneys.