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A General Partnership Can Convert to Either Limited Liability Partnership

question 143

True/False

A general partnership can convert to either limited liability partnership or limited liability company status with no federal income tax liability; conversion of a C corporation to a partnership, however, would result in tax on any built- in gains.


Definitions:

Genetic Drift

A mechanism of evolution involving random changes in the frequency of alleles within a population over time, not necessarily driven by natural selection.

Gene Flow

The transfer of genetic variation from one population to another, which can lead to changes in the genetic composition of populations.

Sickle-Cell Anemia

A genetic blood disorder causing red blood cells to assume a sickle shape, leading to various health complications.

Hemoglobin

The protein that carries oxygen in red blood cells.

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