A limited liability company (LLC) :

A) Has owners called members.
B) Is subject to double taxation.
C) Includes a general owner with unlimited liability.
D) Is the same as a corporation.
E) Must have more than one owner.

Limited Liability Company

A legal form of business organization that combines elements of a corporation and a partnership or sole proprietorship, limiting the owners' personal liability.

Double Taxation

The imposition of two or more taxes on the same income, asset, or financial transaction, often seen in corporate dividends.

Owners Called Members

A term typically used in limited liability companies (LLCs) where the owners are referred to as members.