Select all that applyIdentify the advantages of a limited liability company (LLC) over an S corporation. (Check all that apply.)Multiple select question.It can be formed by one or more individuals, corporations, partnerships, trusts, or other entities.Its owners are paid as employees of the company, and they are allowed to participate in all employee benefits.Its members are allowed to share income, profit, expense, deduction, loss and credit, and equity among themselves.It typically extends liability beyond a member's capital contribution to the business.

Select all that applyIdentify the characteristics of a limited liability company (LLC). (Check all that apply.)Multiple select question.It is typically treated by the Internal Revenue Service as partnerships for tax purposes.It has shareholders, whereas a corporation has members and a partnership has partners.It facilitates the extension of liability beyond a member's capital contribution to the business, and there is unlimited liability.It allows a member to transfer his or her interest only with the unanimous written consent of the remaining members.

An advantage of a limited liability company (LLC) over an S corporation is that an LLC Blank______.Multiple choice question.may issue shares of stock to its membersextends liability beyond a member's capital contribution to the business, allowing unlimited liabilityrestricts any pass-through tax to its membersmay have tax advantages depending on the state in which the business operates

Select all that applyWhich of the following is true about limited liability companies (LLCs)?Multiple select question.Venture capitalists typically give more preference to a C corporation than an LLC.Currently, regulations allow an LLC to be automatically taxed as a partnership.An LLC is also known as a sole proprietorship.An LLC is similar to an S corporation.

Select all that applyIdentify the advantages of an S corporation over a C corporation. (Check all that apply.)Multiple select question.An S corporation may not adopt a calendar year for tax purposes.Multiple classes of stock, divided among more than 100 shareholders, are allowed for an S corporation.An S corporation can have more than 100 shareholders.An S corporation is not subjected to a minimum tax, as is a C corporation.Shareholders in an S corporation retain the same limited liability protection as a C corporation.

Select all that applyIdentify the forms of business that are the least attractive for raising capital, primarily owing to the problem of personal liability. (Check all that apply.)Multiple select question.An S corporationA proprietorshipA partnershipA corporation