In which business form do members have limited liability and the ability to choo

In which business form do members have limited liability and the ability to choose how they are taxed?

In which business form do members have limited liability and the ability to choose how they are taxed?

Step 1: Understand what 'limited liability' means. It means that the personal assets of the members are protected from business debts.
Step 2: Learn about the term 'members'. In this context, members are the owners of the business.
Step 3: Know that there are different types of business forms, like sole proprietorships, partnerships, corporations, and LLCs.
Step 4: Identify the business form that allows for limited liability. This is the Limited Liability Company (LLC).
Step 5: Understand that an LLC also allows members to choose how they want to be taxed, either as a corporation or as individuals.

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