Which of the following statements is true of a limited liability partnership (LLP)?
A) It does not need to distinguish between limited and general partners.
B) The amount of liability protection offered by LLPs varies among states.
C) All partners of an LLP cannot take an active role in management.
D) It is completely different from a limited partnership.

Question

Quizplus · Accepted Answer

In an LLP, all partners have limited liability and can take an active role in management, unlike in a limited partnership where there are both general and limited partners.

Which of the Following Statements Is True of a Limited