Asked by Raymond Pittman on May 14, 2024
Verified
Which of the following is false regarding limited liability companies?
A) The limited liability company was first recognized in Wyoming.
B) Limited liability companies have the limited liability of partnerships yet must be taxed like corporations.
C) Limited liability companies must file a form with a state agency.
D) The company name must include "Limited Liability Company" or an abbreviation of those words.
E) Owners of a limited liability company are referred to as members.
Limited Liability Companies
A business structure that combines the pass-through taxation of a partnership or sole proprietorship with the limited liability of a corporation.
Wyoming
A state in the western United States known for its wide-open spaces, mountains, and natural beauty, as well as being the least populous state.
Members
Individuals who are part of a group, organization, or body with specific roles, rights, or duties.
- Understand the fiscal impacts and responsibility issues pertinent to various organizational forms.
Verified Answer
Learning Objectives
- Understand the fiscal impacts and responsibility issues pertinent to various organizational forms.
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