Forming a limited liability company is one of the best ways to protect personal finances from business debts and obligations. Which of the following describes another advantage of forming an LLC? a)LLCs aren't recognized as legal entities by the government. b)LLCs allow business owners to be tax exempt. c)LLCs offer more flexibility when compared to corporations. d)LLCs pay taxes to the IRS directly, which makes filing

Answered: Forming a limited liability company is…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Forming a limited liability company is one of the best ways to protect personal finances from business debts and obligations. Which of the following describes another advantage of forming an LLC?

	a)	LLCs aren't recognized as legal entities by the government.
	b)	LLCs allow business owners to be tax exempt.
	c)	LLCs offer more flexibility when compared to corporations.
	d)	LLCs pay taxes to the IRS directly, which makes filing

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LLC is one of the most versatile and flexible methods of business organisation which have features of corporations and features of partnership also and it is hybrid form of business operation.

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