A limited liability company:
A)can be created informally.
B)does not have the pass-through feature of income and losses.
C)is exclusive to the United States.
D)none of the above

Question

Quizplus · Accepted Answer

A limited liability company (LLC) is a legal entity that provides limited liability protection to its owners while allowing flexibility in management and taxation. It can be created formally, usually through filing articles of organization with the state government, and can be created in various countries around the world, not just in the United States. Additionally, an LLC can have the pass-through feature of income and losses, where profits and losses are reported on the owners' individual tax returns rather than the company's tax return. Therefore, the correct answer is D, none of the above.

A Limited Liability Company