A limited liability company (LLC): Group of answer choices is a hybrid between a sole proprietorship and a partnership. cannot be created for professional service firms, such as accountants and attorneys. provides limited liability for some, but not all, of its owners. that meets the IRS criteria to be an LLC will be taxed like a corporation. prefers its profits be taxed as personal income to its owners.

You are the owner of a local honda dealership. unlike other dealerships in the area, you take pride in your “no haggle” sales policy. last year, your dealership earned record profits of $1.5 million. however, according to the local chamber of commerce, your earnings were 10 percent less than either of your competitors. in your market, the price elasticity of demand for midsized honda automobiles is 4.5. in each of the last five years, your dealership has sold more midsized automobiles than any other honda dealership in the nation. this entitled your dealership to an additional 30 percent off the manufacturer’s suggested retail price (msrp) in each year. taking this into account, your marginal cost of a midsized automobile is $11,000. what price should you charge for a midsized automobile if you expect to maintain your record sales?