Asked by reesce whiteman on Jul 05, 2024
Verified
Which of the following is NOT correct regarding a limited liability partnership?
A) All of the states authorize them.
B) It is the same as a limited partnership.
C) A registered limited liability partnership is a general partnership that makes a statutorily required filing.
D) Its name must indicate it is a limited liability partnership.
Limited Liability Partnership
A partnership in which some or all partners have limited liabilities, protecting them from personal responsibility for the debts of the business.
Registered
Denotes something that has been officially recorded or listed in a public registry or database, such as a trademark or a company.
Statutorily Required Filing
The obligation to submit official documents or information to a government agency as mandated by law.
- Differentiate among diverse business entities considering their organizational framework and financial responsibility.
- Comprehend the basic principles underlying limited partnerships and limited liability corporations.
Verified Answer
Learning Objectives
- Differentiate among diverse business entities considering their organizational framework and financial responsibility.
- Comprehend the basic principles underlying limited partnerships and limited liability corporations.
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