A limited liability partnership protects the owners from liability,and taxes are paid by the corporation.

Name: A limited liability partnership protects the owners from liability,and taxes are paid by the corporation.
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Question

Quizplus · Accepted Answer

A limited liability partnership does protect the owners from liability, but taxes are not paid by the corporation. Instead, the profits and losses of the partnership are passed through to the individual partners, who report them on their personal tax returns.

A Limited Liability Partnership Protects the Owners from Liability,and Taxes