Which of the Following Is Not True of a Limited

question 42

Multiple Choice

Which of the following is not true of a limited liability partnership?

• A)All partners are limited partners.
• B)Most states restrict this form of ownership to certain types of professions such as attorneys, physicians, dentists, accountants, etc.
• C)Although LLPs have many of the characteristics of partnerships, they are taxed as a corporation.
• D)It must involve a general partner, a limited partner, a silent partner, and a dormant partner.

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Definitions:

Transaction

A business deal or action, such as buying, selling, or exchanging goods, services, or financial assets, between two or more parties.

Written Contract

A formal agreement between two or more parties that is expressed in writing and is bound by law.

Dispute Provisions

Clauses within a contract that outline the process for resolving disagreements or disputes between the parties involved.

Exclude Evidence

A legal process where certain information is prevented from being presented in court because it does not meet specified criteria or rules.