ACP Corporate Practice Questions - NALA Advanced Certified Paralegal - Business Organizations (Incorporated Entities) Exam

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A client wants a business entity that provides limited liability for all owners and avoids the federal double taxation that applies to a standard for-profit corporation. The owners want maximum flexibility in allocating profits and a relatively simple management structure. Which entity best fits these goals by default?

A limited liability company (LLC) A C corporation A general partnership A sole proprietorship

Correct Answer:

A limited liability company (LLC)

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