In the Management of a Limited Liability Partnership, _____

question 23

Multiple Choice

In the management of a limited liability partnership, _____.

• A) the LLP pays income taxes
• B) management decisions cannot be altered even by agreement
• C) only some partners have a say in its management
• D) new partners cannot join without the unanimous consent of the current partners

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Definitions:

Extractive Economy

An economic model that focuses on the extraction of natural resources for export, often associated with colonial and developing nations.

McCarran Act

also known as the Internal Security Act of 1950, is a United States federal law that required Communist organizations to register with the U.S. Attorney General and established the Subversive Activities Control Board.

1952

The year 1952, significant for various historical events including the U.S. presidential election where Dwight D. Eisenhower was elected President.

Quota System

A method for controlling immigration or trade by allocating specific limits to certain groups or countries.