As of late 2011, several states had indeed adopted statutes approving the formation of limited liability limited partnerships (LLLPs), but there was still significant variation among states in terms of the specific laws and regulations governing these entities. This lack of uniformity, despite the adoption of statutes in several states, indicates that both A and C are true.

Solved

As of Late 2011

Question 19

Multiple Choice

As of late 2011,

A) several states had adopted statutes approv- ing the formation of limited liability limited partnerships.
B) most states had adopted the Uniform Lim- ited Liability Limited Partnership Act.
C) there was little uniformity among the states with regard to limited liability limited part- nership law.
D) both A and C are true.

Correct Answer: