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
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
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.
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