Multiple Choice
Under the Internal Revenue Code, a limited liability company (LLC) exhibits all four characteristics of a corporation. Which of the following is NOT one of the four characteristics?
A) Limited liability
B) Tax-exempt status
C) Continuity of life
D) Free transferability of interests
E) Centralized management
Correct Answer:
Verified
Correct Answer:
Verified
Q3: Limited liability companies (LLCs) do not permit
Q4: Describe the two types of partnerships.
Q5: A(n) _ is chartered in a state
Q6: A DBA (doing business as) certificate is
Q7: Each business partner owns and has use
Q9: Which of the following is NOT an
Q10: In a(n) _, all partners assume unlimited
Q11: The law mandates a partnership to draw
Q12: In terms of its treatment of income,
Q13: What questions should an entrepreneur ask him-