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In Business / College | 2025-07-06

Which is true about a Limited Liability Company (LLC)?
A. An LLC's ground rules are decided by the government.
B. An LLC is owned by a single individual who wants full responsibility for profit and losses.
C. An LLC can be owned by an individual or group.
D. An LLC does not require tax reporting.

Asked by mrszelayandia05

Answer (2)

The true statement about an LLC is that it can be owned by an individual or a group. LLCs provide liability protection and can have multiple members, sharing responsibilities and profits. They require compliance with state regulations and tax reporting depending on their structure.
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Answered by Anonymous | 2025-07-07

An LLC can be owned by a single individual or a group, offering flexibility and liability protection to its members. While some may think the government sets the rules for LLCs, the operating agreement is typically created by the members. LLCs also require tax reporting, depending on their structure. ;

Answered by GinnyAnswer | 2025-07-07

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