Which of the following statements best describes limited partnerships?
A)In an LLP,there must be at least one general partner that is personally liable for the obligations of the partnership and has management responsibilities.
B)There are no general or limited partners in a LP;each partner has the rights and duties of a general partner,but limited legal liability.
C)The identifier LP or LLP need not be included in the name or identification of a limited partnership.
D)If the presumption of control by the general partner can be overcome,the partner would account for its investment using the equity method of accounting.

Question

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The Answer of Which of the following statements best describes limited partnerships?
A)In an LLP,there must be at least one general partner that is personally liable for the obligations of the partnership and has management responsibilities.
B)There are no general or limited partners in a LP;each partner has the rights and duties of a general partner,but limited legal liability.
C)The identifier LP or LLP need not be included in the name or identification of a limited partnership.
D)If the presumption of control by the general partner can be overcome,the partner would account for its investment using the equity method of accounting.

Which of the Following Statements Best Describes Limited Partnerships