Which of the following statements is incorrect about the check-the-box Regulations?
A) A limited liability company with one owner can elect to be taxed as a corporation.
B) A limited liability company with more than one owner can elect to be taxed as a corporation.
C) An entity with more than one owner and formed as a corporation can elect to be taxed as a partnership.
D) If a limited liability company with one owner does not make an election,the entity is taxed as a sole proprietorship.
E) If a limited liability company with more than one owner does not make an election,the entity is taxed as a partnership.
Correct Answer:
Verified
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