Which of the following statements is false regarding limited liability companies?
A) Members need not be citizens of the U.S.
B) Limited liability companies have the limited liability of corporations yet may be taxed like partnerships.
C) A limited liability company is formed by filing articles of organization in the state in which members want to establish their LLC.
D) For purposes of jurisdiction, an LLC is considered a citizen of every state in which its members reside.
E) Owners of an LLC are referred to as incorporators.

Question

Quizplus · Accepted Answer

Owners of an LLC are referred to as "members," not "incorporators." Incorporators are associated with the formation of corporations, not LLCs.

Which of the Following Statements Is False Regarding Limited Liability