Which of the Following Is True in Respect of Limited

question 89

Multiple Choice

Which of the following is true in respect of limited liability partnerships (LLPs) ?

• A) Historically, professionals have relied primarily on incorporation for carrying on business.
• B) Professionals are prohibited from operating under a limited liability partnership.
• C) The main advantage to those carrying on business as an LLP is that potential liability is limited for torts, for breach contract and for breach of trust.
• D) Unlike limited partners, those operating through LLPs are not burdened with limitations with respect to naming, registration or other requirements.
• E) Provincial limited liability partnership legislation has been introduced in various jurisdictions across Canada.
• TRUE/FALSE. Write 'T' if the statement is true and 'F' if the statement is false.

---

Definitions:

Common Forms

Standard or widely recognized types or methods of something, such as communication, art, or documents.

Environmental Complexity

The magnitude of the problems and opportunities in the organization’s environment as evidenced by the degree of richness, interdependence, and uncertainty.

Component Factors

The individual elements or aspects that collectively form a system, process, or outcome, each contributing to its functionality or success.

Output Controls

Management mechanisms focused on measuring and managing the results of an organization's activities rather than the activities themselves.