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Which of the Following Is NOT an Essential Characteristic of a Limited

Question 5

Multiple Choice

Which of the following is NOT an essential characteristic of a limited liability company (LLC) ?


A) The LLC can elect to be taxed as a partnership or a corporation.
B) Members' ownership interest is completely and freely transferable.
C) Members have limited liability for the obligations of the LLC.
D) The bankruptcy of one member does not dissolve the LLC.

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