Select all the correct answers.
Which sentences describe characteristics of a limited liability corporation (LLC)?
0
The owners in the arrangement are called members.
The owners are largely free from personal liability.
The company is treated as a separate tax entity by law.
Owners are exempt from liabilities arising from wrongful acts.
LLCS pay their taxes through their members' personal tax returns.

Question

Carter200516 Carter200516

20-05-2024
Business

Answered

Select all the correct answers.
Which sentences describe characteristics of a limited liability corporation (LLC)?
0
The owners in the arrangement are called members.
The owners are largely free from personal liability.
The company is treated as a separate tax entity by law.
Owners are exempt from liabilities arising from wrongful acts.
LLCS pay their taxes through their members' personal tax returns.

Answer :

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GinnyAnswer GinnyAnswer · Answer 1 · 2024-05-20T14:48:21-04:00

Certainly! Here are the correct statements that describe characteristics of a limited liability corporation (LLC):

1. The owners in the arrangement are called members.
2. The owners are largely free from personal liability.
3. The company is treated as a separate tax entity by law.

Explanation:
1. In an LLC, the owners are referred to as members. Unlike in a sole proprietorship or a partnership, where the owners have different titles, an LLC's owners are known as members.

2. One of the key advantages of an LLC is that the owners have limited liability. This means that the personal assets of the owners are generally protected from the debts and liabilities of the company. However, there are exceptions to this, such as in cases of personal guarantees or malpractice.

3. An LLC is treated as a separate legal entity for tax purposes. This means that the company itself is responsible for paying taxes on its income, rather than passing through income to individual members. However, in certain situations, LLCs can choose to be taxed as a partnership or a corporation.

The other statements mentioned in the question, like owners being exempt from liabilities arising from wrongful acts and LLCs paying taxes through their members' personal tax returns, do not accurately describe characteristics of a limited liability corporation (LLC).