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What Is a Major Distinguishing Feature of a Limited Liability

Question 68

Multiple Choice

What is a major distinguishing feature of a limited liability partnership (LLP) ?


A) An LLP allows the members of the LLP to take an active role in the business of the partnership, without exposing them to personal liability for others' acts except to the extent of their investment in the LLP.
B) An LLP allows the partnership to have unlimited partners without extending liability to all of the partners.
C) An LLP statutorily limits personal liability to $100,000 per partner.
D) An LLP does not require a partnership agreement.
E) An LLP allows the members of the LLP to take an active role in the business of the partnership, while limiting the personal liability to $100,000.

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