A Limited Liability Partnership (LLP) Is a Variation on the Partnership

question 55

Multiple Choice

A limited liability partnership (LLP) is a variation on the partnership form of business.Which of the following is FALSE?

• A)An LLP has the characteristics of a general partnership, but with specific limitations on the liability of the partners.
• B)The limitation on liability of an LLP varies depending on the province.
• C)An LLP provides special tax treatment that is not available in a limited partnership or a general partnership.
• D)An LLP is limited to certain practicing professions.
• E)An LLP must include the words Limited Liability Partnership or its abbreviation, LLP.

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Definitions:

Fungi

A kingdom of spore-producing organisms that feed on organic material, including molds, yeast, mushrooms, and toadstools, distinct from plants and animals.

Largest Group

Refers to the most numerous or most extensive category or grouping in a given context or classification.

Protozoans

Single-celled eukaryotic organisms that may exhibit animal-like behaviors, such as movement, and are often found in aquatic or moist terrestrial environments.

Amoeboids

A group of organisms, mostly unicellular, that move and ingest food by extending pseudopods.