Which of the Following Statements Is True of Limited Liability

question 18

Multiple Choice

Which of the following statements is true of limited liability companies (LLPs) ?

• A) The partners are not required to file an LLP form with the state.
• B) The partners maintain an adequate amount of professional liability insurance.
• C) They are relatively difficult to organize around an existing partnership.
• D) They necessitate that all existing partnerships be dissolved.

Understand the concept of confirmation bias and its impact on reasoning.

Distinguish between positive and negative instances in the context of generalizations.

Learn the difference between inductive generalization and deductive reasoning.

Grasp the significance of representative samples for accurate generalizations.

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Definitions:

Modal Selection

The process of choosing the most appropriate mode of transportation for goods based on factors like cost, distance, and product type.

Determinants

Factors or conditions that exert influence on the outcome of a process or the characteristics of an entity.

Trucking Industry

A sector of the transportation industry that specializes in the movement of goods and materials over land, typically using large vehicles like trucks.

Flexibility

The capability to adapt or change according to different conditions, requirements, or environments, often viewed as a desirable quality in various contexts.