In the Context of Legal Forms of Business, Identify a True

question 11

Multiple Choice

In the context of legal forms of business, identify a true statement about limited liability partnership (LLP) .

• A)All partners in a limited liability partnership are jointly responsible for any debts or judgments against the firm.
• B)In a limited liability partnership, limited partners can work at the firm but not be active in its management.
• C)Limited partners in a limited liability partnership must be external advisors who do not have a stake in the ownership of the firm.
• D)General partners in a limited liability partnership are indirectly responsible for federal taxes owed by the firm.

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Definitions:

Communications

The process of transmitting information, thoughts, or feelings from one entity or group to another through various means.

Ethical Guideline

A set of recommendations based on ethics or morality that guide decisions and actions in a specific field or profession.

American Psychological Association

A professional organization representing psychologists in the United States, dedicated to advancing psychology as a science, profession, and as a means of promoting health and human welfare.

Deception

The act of misleading or tricking someone by concealing or misrepresenting the truth.