Indicate whether the following statements are true or false by circling the appropriate letter.

T F 1. A limited liability company is treated like a corporation for federal income tax purposes.
T F 2. A general partner is required for a limited liability company.
T F 3. Tax attributes of an LLC transaction pass through to the owners of an LLC.
T F 4. Owners of an LLC can participate in the management of the LLC business.
T F 5. Limited liability companies have more flexibility for tax purposes than S corporations.