Which of the Following Is Not True Regarding a Limited

Multiple Choice

Which of the following is not true regarding a limited liability company?

A) The Code does not specifically provide for the taxation of limited liability companies. Therefore, an LLC that is taxed as a partnership must rely primarily on the tax provisions that apply to partnerships.
B) An LLC is effectively treated as a limited partnership with no limited partners.
C) An LLC offers several advantages over the S corporation, including not making the managing member of the LLC liable for self-employment taxes on his or her share of LLC income.
D) In general, an LLC member is not personally liable for LLC debts.
E) Any member of an LLC can participate in the management of the LLC if the operating agreement so permits.