A limited liability company (LLC):

a.

prefers its profits be taxed as personal income to its owners.

b.

provides limited liability for some, but not all, of its owners.

c.

cannot be created for professional service firms, such as accountants and attorneys.

d.

that meets the IRS criteria to be an LLC will be taxed like a corporation.

e.

is a hybrid between a sole proprietorship and a partnership.