1.The profits on a limited liability corporation (LLC) are taxed at:

The federal and state corporate tax rates

The federal and state partnership tax rates

The owners individual federal and state tax rates

15 percent for long-term profits and 30 percent for short-term profits

2.The profits of a business organized as an S-Corporation are taxed at:

The federal and state corporate tax rates

The federal and state partnership tax rates

The owners individual federal and state tax rates

15 percent for long-term profits and 30 percent for short-term profits