A _______is a form of business organization authorized by state law in which the owners of the business have limited liability and taxes on profits are passed through the business entity to the owners.

A) limited liability partnership
B) limited liability company
C) corporation
D) professional corporation

Limited Liability Company

An organizational form that merges the limited liability offered by a corporation with the partnership or sole proprietorship's benefit of pass-through taxation.

Limited Liability Partnership

A partnership in which some or all partners have limited liabilities, protecting them from being personally liable for the acts of the partnership.

Business Organization

A structured commercial or entrepreneurial entity set up according to a particular legal framework to conduct business and provide goods or services.