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One form of business organization is the limited liability company (LLC). In accordance with many state statutes, an LLC A. Permits limited liability provided the

One form of business organization is the limited liability company (LLC). In accordance with many state statutes, an LLC
A. Permits limited liability provided the members do not participate in management.
B. Is similar to a partnership because no formalities are needed for its creation.
C. May have a tax status similar to that of a partnership.
D. Must be for a specified term.

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