Identify Which of the Following Statements Is True

Identify which of the following statements is true.

A) Under the check- the- box regulations, an LLC that has one member (owner) may be disregarded as an entity separate from its owner.
B) A new LLC that is owned by four members elects to be taxed under its default classification (as a partnership) in its first year of operations. The entity is prohibited from changing its tax classification at any time in the future.
C) An unincorporated business may not be taxed as a corporation.
D) All of the above are false.

Correct Answer:

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