Which of the Following Statements, If Any, About an LLC

Multiple Choice

Which of the following statements, if any, about an LLC is false?

A) An LLC is usually taxed like a partnership.
B) "Members" of an LLC generally have limited personal liability for debts of the LLC, except for the managing member who has unlimited liability for LLC debts.
C) "Members" of an LLC can participate in management of the LLC unless the member agrees not to participate.
D) An LLC can specially allocate income items, as long as the substantial economic effect rules of § 704(b) are followed.
E) None of the above statements is false.