Chapter 4 Section 3: LLC Taxation Flashcards

1
Q

Are LLC members personally liable for the obligations of the business?

A

No

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2
Q

How can an LLC be taxed?

A

Usually as a partnership, but they can elect to be taxed as a corp

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3
Q

Define a disregarded entity

A

A single member LLC not electing to be taxed as a corporation. Will be treated like a sole proprietorship

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