Which of the Following Statements About Limited Liability Limited Partnership

question 16

Multiple Choice

Which of the following statements about limited liability limited partnership is correct?

• A)It is a popular business form with professionals.
• B)Most states recognize LLLPs.
• C)General partners are personally liable for the partnership's debts.
• D)None of the above.

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Definitions:

Rig-Veda

An ancient Indian collection of Vedic Sanskrit hymns, one of the four sacred texts (śruti) of Hinduism.

Upanishads

Ancient Indian texts that form the philosophical basis of Hindu religion, focusing on spiritual enlightenment and the nature of reality.

Reality

The state of things as they actually exist, as opposed to how they may appear or might be imagined.

Monistic

Monistic is an adjective describing any philosophy that posits a single, unified reality or substance as the basis of all existence, in contrast to dualistic or pluralistic theories.