Which of the following statements is NOT correct about LLCs and the check-the-box Regulations?

		If a limited liability company with more than one owner does not make an election, the entity is taxed as a corporation.
		A limited liability company with one owner can elect to be taxed as a corporation.
		An entity with more than one owner and formed as a corporation cannot elect to be taxed as a partnership.
		If a limited liability company with one owner does not make an election, the entity is taxed as a sole proprietorship.