A Limited Liability Partnership is a form of business that offers the benefits of both a partnership and a company. It has a legal status and its partners have liability only to the extent of capital they have invested in the firm. Show Below is a list of multiple-choice questions and answers on Limited Liability Partnership to help students grasp the main concepts related to this topic.
Answer: d Answer: a Answer: a Answer: d Answer: d Answer: d Answer: a Answer: b Answer: c Answer: d Answer: d Answer: a Answer: d Answer: b Answer: c Also See:
Which of the following is not the characteristics of partnership?Which among the following is not a characteristic of a partnership firm? Explanation: Limited liability is not a characteristic of a partnership firm as the partners involved have unlimited liability.
What are 5 characteristics of a partnership?The following are the five characteristics of a partnership:. Sharing of profits and losses.. Mutual agency.. Unlimited liability.. Lawful business.. Contractual relationship.. Which of the following is a characteristic of a partnership?Which of the following is a characteristic of a partnership? It is a legally-binding agreement between the owners which explains the procedures for liquidating the partnership.
Which of the following is not true about a partnership?Answer: B.
That a non-profit organization can be a partnership is not true about partnerships. Partnerships are defined by state law. Generally, only for-profit businesses can be organized as partnerships.
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