Which of the following statements about a limited liability company is correct?
A) A limited liability company with more than one owner can elect to be classified as either a partnership or a proprietorship.
B) A limited liability company with only one owner can elect to be classified as either a proprietorship or a corporation.
C) If a limited liability company does not make an election under the "check-the-box" regulations, multi-owner entities are classified as corporations.
D) If a limited liability company does not make an election under the "check-the-box" regulations, single-person entities are classified as corporations.
E) None of the above.
Correct Answer:
Verified
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