Limited liability companies (LLCs) are very popular today as a form of organization. Assume a client asks you to explain what this type of organization is all about. Prepare a brief description of the federal income tax aspects of LLCs.

Limited liability companies (LLCs) are very popular today as a form of organization. Assume a client asks you to explain what this type of organization is all about. Prepare a brief description of the federal income tax aspects of LLCs. Limited liability companies (LLCs) are generally taxed as such income allocated to the members (owners) of the LLC. Thus, a also apply to LLCs Therefore, the LLC subject to income tax on its taxable income but is imposed. The same allocation rules that pertain to