Which of the following statements, if any, about a multimem LLC is false? a. Liquidating distributions from an LLC are subject to a single level of taxation in the same manner as a liquidating distribution from a genera partnership.
Which of the following statements, if any, about a multimem LLC is false? a. Liquidating distributions from an LLC are subject to a single level of taxation in the same manner as a liquidating distribution from a genera partnership.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Hi, can someone help me with this question please?
![Which of the following statements, if any, about a multimember
LLC is false?
a. Liquidating distributions from an LLC are subject to a single level of
taxation in the same manner as a liquidating distribution from a general
partnership.
b. Members of an LLC can participate in management of the LLC unless the
member agrees not to participate.
Oc. Members of an LLC generally have limited personal liability for debts of
the LLC except for the managing member who has unlimited liability for
LLC debts.
Od. A multimember LLC is usually taxed like a partnership.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F9e83e12b-a929-4e08-8f6f-c1bdb344567a%2F581a5d6d-9daa-484a-af4a-3112e5ae02ef%2Fevdqyh_processed.png&w=3840&q=75)
Transcribed Image Text:Which of the following statements, if any, about a multimember
LLC is false?
a. Liquidating distributions from an LLC are subject to a single level of
taxation in the same manner as a liquidating distribution from a general
partnership.
b. Members of an LLC can participate in management of the LLC unless the
member agrees not to participate.
Oc. Members of an LLC generally have limited personal liability for debts of
the LLC except for the managing member who has unlimited liability for
LLC debts.
Od. A multimember LLC is usually taxed like a partnership.
Expert Solution
![](/static/compass_v2/shared-icons/check-mark.png)
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
![Blurred answer](/static/compass_v2/solution-images/blurred-answer.jpg)
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
![FINANCIAL ACCOUNTING](https://compass-isbn-assets.s3.amazonaws.com/isbn_cover_images/9781259964947/9781259964947_smallCoverImage.jpg)
![Accounting](https://www.bartleby.com/isbn_cover_images/9781337272094/9781337272094_smallCoverImage.gif)
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
![Accounting Information Systems](https://www.bartleby.com/isbn_cover_images/9781337619202/9781337619202_smallCoverImage.gif)
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
![FINANCIAL ACCOUNTING](https://compass-isbn-assets.s3.amazonaws.com/isbn_cover_images/9781259964947/9781259964947_smallCoverImage.jpg)
![Accounting](https://www.bartleby.com/isbn_cover_images/9781337272094/9781337272094_smallCoverImage.gif)
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
![Accounting Information Systems](https://www.bartleby.com/isbn_cover_images/9781337619202/9781337619202_smallCoverImage.gif)
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
![Horngren's Cost Accounting: A Managerial Emphasis…](https://www.bartleby.com/isbn_cover_images/9780134475585/9780134475585_smallCoverImage.gif)
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
![Intermediate Accounting](https://www.bartleby.com/isbn_cover_images/9781259722660/9781259722660_smallCoverImage.gif)
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
![Financial and Managerial Accounting](https://www.bartleby.com/isbn_cover_images/9781259726705/9781259726705_smallCoverImage.gif)
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education