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.

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Barrera

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20 November, 09:45

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.

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Know the Answer?

Everett Merritt · Answer 1

Everett Merritt 20 November, 10:04

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second and third options?

Kyle James · Answer 2

The correct options are: The owners are largely free from personal liability. - The company is treated as a separate tax entity by law.

Limited liability corporation: It is a type of company of mercantile character in which the responsibility is limited to the capital contributed. The capital will consist of the contributions of all the partners, divided into social, indivisible and cumulative shares.