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In the Context of Legal Forms of Business, Identify a True

Question 36

Multiple Choice

In the context of legal forms of business, identify a true statement about limited liability partnership (LLP) .


A) All partners in a limited liability partnership are jointly responsible for any debts or judgments against the firm.
B) In a limited liability partnership, limited partners can work at the firm but not be active in its management.
C) Limited partners in a limited liability partnership must be external advisors who do not have a stake in the ownership of the firm.
D) General partners in a limited liability partnership are indirectly responsible for federal taxes owed by the firm.

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