Explain the process that exempts members of an LLC (limited liability company) from double taxation
What will be an ideal response?
Under the Internal Revenue Code and regulations adopted by the Internal Revenue Service (IRS) for federal income tax purposes, an LLC is taxed as a partnership unless it elects to be taxed as a corporation. Thus, an LLC is not taxed at the entity level, but its income or losses flow through to the members' individual income tax returns. This avoids double taxation.
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The risk management function should be performed in isolation. There is no need for interaction between the risk management department and other departments.
a. true b. false
A customer complaint should most likely be viewed as a(n):
A) lost sale in the future due to customer frustration and anger B) opportunity to prove the firm's commitment to service C) problem that will require attention in the future D) issue associated with a single department E) misperception on the part of the customer