Accounting Applications, LLC, is a limited liability company

Business Dec 09, 2020

Accounting Applications, LLC, is a limited liability company. Unless indicated otherwise on Accounting's federal tax form, the firm will be taxed as:

a. a partnership

b. a corporation

c. a sole proprietorship

d. a person

Expert Solution

Although a Limited Liability Company (LLC) is a corporation formed and the owners are only liable up to the extent of their business properties, the treatment for federal tax purposes resembles that of a partnership. Therefore, the correct answer is a. a partnership.

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