Multiple Choice
Which of the following statements is TRUE for a limited liability partnership?
A) The partnership pays no federal income taxes.
B) Only the limited partners pay federal income taxes on their shares of the partnership's profits.
C) Only the general partner pays federal income taxes on his or her share of the partnership's profits.
D) Only the members pay federal income taxes on their shares of the partnership's profits.
Correct Answer:
Verified
Correct Answer:
Verified
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