Chapter 4 Section 3: LLC Taxation Flashcards
1
Q
Are LLC members personally liable for the obligations of the business?
A
No
2
Q
How can an LLC be taxed?
A
Usually as a partnership, but they can elect to be taxed as a corp
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