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

Question

Quizplus · Accepted Answer

A limited liability partnership is not the same as a limited partnership. In a limited partnership, there are general partners who have unlimited liability and limited partners who have limited liability. In a limited liability partnership, all partners have limited liability for the partnership's debts and obligations. Additionally, not all states authorize limited liability partnerships, so statement (A) is incorrect. Statement (C) is correct - a registered limited liability partnership is a general partnership that has filed certain required documents with the state to create a limited liability partnership. Therefore, the correct answer is (B) - a limited liability partnership is not the same as a limited partnership.

Which of the Following Is NOT Correct Regarding a Limited