The following are true regarding Limited Liability Companies, except?

a. The default tax treatment for a single member limited liability company is that of a disregarded entity.

b. The default tax treatment for a multi-member limited liability company is that of a partnership.

c. A multi-member Limited Liability Company can elect tax treatment as a C corporation or an S corporation.

d. For legal purposes, a Limited Liability Company is treated the same as the type of entity elected for tax purposes.

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