The definition of a limited liability company includes that:

A) it is a noncorporate business.
B) it limits liability for all its owners.
C) all members may participate in management of the business.
D) All of these.

Limited Liability Company

A commercial entity setup that integrates the benefit of paying taxes only once, as seen in partnerships or sole proprietorships, with the advantage of limited personal risk akin to that in a corporation.

Noncorporate Business

An enterprise that operates for profit but is not legally incorporated; examples include sole proprietorships and partnerships.