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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