Which of the Following Is a Characteristic of a Limited-Liability

question 9

Multiple Choice

Which of the following is a characteristic of a limited-liability partnership (LLP) ?

• A)One partner cannot be held responsible for the inappropriate actions of another partner.
• B)Partners' personal liability is limited to the amount they have invested in the business.
• C)Each partner is liable for the actions of all other partners.
• D)As a separate legal entity,the partnership must pay taxes on income.

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Definitions:

Fourteenth Amendment

Ratified in 1868, this U.S. Constitutional amendment granted citizenship to all persons born or naturalized in the United States, including former slaves, and provided all citizens with “equal protection under the laws.”

Supreme Court

The highest federal court in the United States, which has the ultimate appellate jurisdiction over all federal and state court cases that involve a point of federal law.

Fundamentalists

Individuals or groups who advocate for a strict and literal interpretation of religious texts and doctrines, often in opposition to modernist or secular views.

Prohibition

The act of formally forbidding something by law, such as the historical ban on the production and sale of alcoholic beverages in the United States from 1920 to 1933.