A Limited Liability Partnership Form of Organization

question 46

Multiple Choice

A limited liability partnership form of organization:

• A)Decreases liability of all partners of a CPA firm.
• B)Has similar liability requirements to that of a professional corporation.
• C)Eliminates personal liability for some,but not all,partners.
• D)Eliminates personal liability for all partners.

---

Definitions:

Straight Bond Value

The present value of a bond's future interest payments plus the value of its principal, assuming it does not come with any special features like options.

Conversion Value

The monetary value of a convertible security if it were converted into shares of the underlying company at the current market price.

Convertible Bond

A bond which offers the option to be exchanged for a specific number of the issuing company's stock at certain periods throughout its duration, typically at the option of the person holding the bond.