Which of the following is NOT correct regarding a limited liability partnership?

Question

Quizplus · Accepted Answer

A limited liability partnership (LLP) is different from a limited partnership (LP). In an LLP, all partners have limited liability for the debts and obligations of the partnership, whereas in an LP, at least one partner has unlimited liability. Additionally, not all states authorize LLPs, but many do. Additionally, a registered LLP is not a general partnership that made a filing - it is a specific type of partnership that is authorized by state law and requires a filing to establish.

Which of the Following Is NOT Correct Regarding a Limited