A _____ allows all partners to participate in management while also offering them limited liability for company debts.
A) limited liability corporation
B) C corporation
C) limited liability partnership
D) limited partnership

Question

Quizplus · Accepted Answer

A limited liability partnership (LLP) allows all partners to participate in management while also offering them limited liability for company debts. This means that each partner is only responsible for their own actions and not those of their partners. In contrast, a limited partnership (LP) only offers limited liability to some partners (the limited partners), while others (the general partners) have unlimited liability for company debts. A limited liability corporation (LLC) and C corporation are different types of business entities that also offer limited liability protection, but they do not necessarily allow all partners to participate in management.

A _____ Allows All Partners to Participate in Management While