Multiple Choice
A Limited Liability Partnership (LLP) is different from a limited partnership.Which of the following is NOT true?
A) In a limited partnership there must be at least one general partner who has unlimited liability.
B) Limited partnerships are not restricted to the professions.
C) In a limited partnership,the partner's liability is limited to the total amount of capital contributions of all partners.
D) Unlike partners in an LLP,limited partners lose their limited liability if they participate in management.
Correct Answer:

Verified
Correct Answer:
Verified
Q49: The most important restriction on a limited
Q50: Compared to a sole proprietorship,what are some
Q51: Mike,James,and Mary,advertising consultants,enter into a partnership and
Q52: What are two important factors in determining
Q53: What protection does a limited partnership offer
Q54: Albert and Edward have just become lawyers
Q55: Chartered accountants can carry on a limited
Q56: An existing partnership may convert itself into
Q57: James and John go into business together
Q58: What are the advantages of carrying on