How does a limited liability partnership (LLP) differ from a general partnership? O Legal limits have been established regarding the number of people who can participate in the LLP OLLP partners are liable for some or all of the obligations of the partnership, but have limited liability for the negligence or malpractice of other partners O LLP partners have limited liability for the obligations of the partnership but unlimited liability for the negligence or malpractice of other partners O Participation in the LLP is limited to members of a regulated profession, such as accounting or health care.
How does a limited liability partnership (LLP) differ from a general partnership? O Legal limits have been established regarding the number of people who can participate in the LLP OLLP partners are liable for some or all of the obligations of the partnership, but have limited liability for the negligence or malpractice of other partners O LLP partners have limited liability for the obligations of the partnership but unlimited liability for the negligence or malpractice of other partners O Participation in the LLP is limited to members of a regulated profession, such as accounting or health care.
SWFT Essntl Tax Individ/Bus Entities 2020
23rd Edition
ISBN:9780357391266
Author:Nellen
Publisher:Nellen
Chapter14: Partnerships And Limited Liability Entities
Section: Chapter Questions
Problem 3BD
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How does a limited liability
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Transcribed Image Text:How does a limited liability partnership (LLP) differ from a general partnership?
O Legal limits have been established regarding the number of people who can participate in the LLP
OLLP partners are liable for some or all of the obligations of the partnership, but have limited liability for the negligence or malpractice of other
partners
O LLP partners have limited liability for the obligations of the partnership but unlimited liability for the negligence or malpractice of other
partners
O Participation in the LLP is limited to members of a regulated profession, such as accounting or health care.
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