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Mack is an oil executive. He wants to start a new company with different partners to explore some drilling opportunities. His attorney advises him about the various business forms. When discussing the
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Mack is an oil executive. He wants to start a new company with different partners to explore some drilling opportunities. His attorney advises him about the various business forms. When discussing the LLC form, his attorney mentions that one of the biggest disadvantages of the LLC form is that

a. it is taxed like a partnership, unless the members choose differently
b. its members have limited liability for LLC debts
c. there is no uniform law governing LLCs in the United States
d. LLC members pay no taxes

User Fush
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Answer:

The correct answer is option c.

Step-by-step explanation:

A limited liability company is a business entity where the owners are not personally liable for the company's debts liabilities. It combines features of a sole proprietorship, partnership, and a corporation.

The advantage of a limited liability company is that it provides limited liability to its owners. The disadvantage is that there is no uniform law in the US regarding LLCs, the regulations vary from state to state.

User Xurei
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