select all the correct answers. which sentences describe characteristics of a limited liability corporation…

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.

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.

Answer

Brief Explanations:

  • In an LLC, owners are called members.
  • One of the main advantages of an LLC is that owners have limited personal liability.
  • LLCs are pass - through entities for tax purposes, meaning they pay taxes through members' personal tax returns and are not treated as separate tax entities like C - corporations. Owners are not exempt from liabilities arising from their own 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.