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:

Critical Thinking

The intellectual discipline of actively and skillfully conceptualizing, applying, analyzing, synthesizing, and/or evaluating information gathered from, or generated by, observation, experience, reflection, reasoning, or communication.

Analytical

Pertaining to the systematic examination and evaluation of data or information, often by breaking it into its component parts to uncover their interrelationships.

Destructive

Causing great and irreparable harm or damage.

Closed Society

A society that is isolated from others and often restrictive in terms of its social, cultural, or political life.