Businesses can be classified into the following forms: proprietorship, partnership, corporation, limited liability company (LLC), and limited liability partnership (LLP). Different forms of businesses have different characteristics. Which of the following characteristics belong to a limited liability company? Check all that apply.
- Profits taxed only at the individual level, not at the business level
- Ends when the owners die
- Not subject to double taxation
- Might be an S corporation (a special case with a limited number of shareholders)