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:

Across Cultures

Refers to phenomena, practices, or situations that occur or are relevant in multiple cultural contexts, emphasizing cross-cultural interactions and understanding.

Ethnic Minority

A group within a country or community which differs from the majority in racial, national, cultural, or linguistic characteristics.

Ethnic Majority

The largest ethnic group within a certain geographical area or society, often holding more power or resources than ethnic minorities.

Cognitive Dissonance

A psychological phenomenon where individuals experience discomfort from holding two or more conflicting beliefs, values, or attitudes.