Which of the Following Is True of Limited Liability Partnerships

question 16

Multiple Choice

Which of the following is true of limited liability partnerships?

• A) This type of partnership can operate under the Uniform Partnership Act.
• B) This type of partnership can be formed without a specific state statute prescribing the conditions under which it can operate.
• C) This type of partnership cannot operate under the common law.
• D) This type of partnership cannot be formed in a majority of the states.

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Definitions:

Skill Level

The degree of competency or proficiency one has in performing a specific task or job.

Geographic Region

A geographic region is a specific area defined by natural or artificial borders, characterized by distinct physical, political, or cultural features.

Monetary Incentives

Financial rewards given to employees as motivation to boost productivity or achieve specific targets.

Potential Place

A location or venue that has the capability or promise to serve a specific purpose or function, but isn't currently utilized for that end.