A limited liability company's profits are “passed through” to its members. Those members pay Group of answer choices only personal income taxes. only business income taxes. no income taxes. both personal and business income taxes.

A limited liability company's profits are “passed through” to its members. Those members pay Group of answer choices only personal income taxes. only business income taxes. no income taxes. both personal and business income taxes.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

A limited liability company's profits are “passed through” to its members. Those members pay

Group of answer choices

only personal income taxes.

only business income taxes.

no income taxes.

both personal and business income taxes.

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