Which of the Following Statements Is True of Limited Liability

question 26

Multiple Choice

Which of the following statements is true of limited liability partnerships (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.

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Definitions:

Social Control Theory

A theory of crime, proposed by Travis Hirschi, that posits that strong social bonds increase conformity and decrease deviance.

Travis Hirschi

A criminologist who developed the Social Control Theory, proposing that strong bonds to society encourage conforming behavior and reduce the likelihood of deviance.

Crime

A violation of a norm that has been codified into law.

Structural Functionalism

A sociological perspective that views society as a complex system whose parts work together to promote solidarity and stability, focusing on the functions of each part in maintaining the whole.