Which of the Following Is True About LLPs?​

question 27

Multiple Choice

Which of the following is true about LLPs?​

• A)​There is limited liability for the LLP as well as all partners.
• B)​There is limited liability for the LLP only.
• C)There is limited liability for the LLP and for those partners not involved in the negligent acts.
• D)The liability in an LLP is the same as the liability in limited partnerships.

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Definitions:

MMPI-2

A widely used standardized psychometric test of adult personality and psychopathology used to assist with the diagnosis of mental disorders.

Social Introversion

a personality trait characterized by a preference for calm, minimally stimulating environments and less social engagement.

MMPI

Minnesota Multiphasic Personality Inventory, a standardized psychometric test of adult personality and psychopathology.

Common Faults

Frequently observed mistakes or failures in a system, process, or mechanism.