Creating an LLP

question 42

Multiple Choice

Creating an LLP:

• A)doesn't require the partners to file an LLP form with the state.
• B)requires that partners maintain an adequate amount of professional liability insurance.
• C)is relatively difficult to organize around an existing partnership.
• D)necessitates that all existing partnerships be dissolved.

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Definitions:

Financial Account

Refers to a component of a country's balance of payments that records investments and financial transactions, including investments in foreign securities and direct investments.

Capital Account

The capital account records the exchanges of financial assets and liabilities between a country and the rest of the world, including direct investment and loans.

Current Account

A component of a country's balance of payments that includes transactions in goods, services, primary income, and secondary income flows between domestic and foreign entities.

Demand

The quantity of a good or service that consumers are willing and able to purchase at different prices.