Question

select all the correct answers. which sentences describe characteristics of a limited liability corporation (llc)? the owners in the arrangement are called members. the owners are largely free from personal liability. the company is treated as a separate tax entity by law. owners are exempt from liabilities arising from wrongful acts. llcs pay their taxes through their members’ personal tax returns.

Explanation:

• In an LLC, owners are called members.
• One of the main advantages of an LLC is that owners have limited personal liability.
• LLCs are generally pass - through tax entities, meaning they pay taxes through members' personal tax returns rather than being a separate tax entity. Owners are not completely exempt from liabilities arising from wrongful acts.

Answer:

• The owners in the arrangement are called members.
• The owners are largely free from personal liability.
• LLCs pay their taxes through their members’ personal tax returns.