Which of the following is an INCORRECT statement regarding limited liability companies (LLCs)?

A. An LLC is a separate legal entity, distinct from its members.

B. Limited liability company codes regulate the formation, operation and dissolution of LLCs.

C. LLCs are creatures of federal statue.

D. An LLC can only be created pursuant to the laws of the state in which the LLC is being organized.

E. The owners of LLCs are usually called members.