Which of the Following Statements About Limited Liability Partnerships (LLPs)is

question 77

Multiple Choice

Which of the following statements about limited liability partnerships (LLPs) is false?

• A)The LLP's name must end with the acronym "RLLP."
• B)The partners of an LLP must expressly agree to create an LLP by complying with an LLP statute.
• C)The formation of an LLP requires filing a form with the secretary of state.
• D)The formation of an LLP requires paying an annual fee.

---

Definitions:

Non-Controlling Interest

A minority ownership interest in a subsidiary that is not owned by the parent company, usually reflected in the equity section of the parent's balance sheet.

Unrealized Gain

Profits that have been earned on paper from an investment but have not been realized through a sale, and thus are not included in the income statement until realized.

Amortization

The gradual reduction of a debt or the allocation of the cost of an intangible asset over a period of time.

Fair Value Increments

Adjustments made to the book values of assets or liabilities to reflect their fair value at the time of acquisition in a business combination.