Question

select all the correct answers. 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.

Explanation:

• In an LLC, owners are called members.
• LLC owners have limited personal liability (not fully exempt from all liabilities like those from wrongful acts).
• LLCs are pass - through entities for tax (taxes paid via members' personal returns, not treated as separate tax entity like a C - corp).

Answer:

• The owners in the arrangement are called members.
• The owners are largely free from personal liability.
• LLCs pay their taxes through their members' personal tax returns.