What is the major way in which the roles and obligations of the owners of a limited liability company differ from the roles and obligations of limited partners in a limited partnership?

Question

Quizplus · Accepted Answer

The owners of a limited liability company (LLC) can take an active role in running the company, as they are typically also the managers. In contrast, limited partners in a limited partnership (LP) are typically passive investors and cannot take an active role in the management of the partnership without risking their limited liability status. Therefore, D is the correct answer as it highlights the key difference between the roles and obligations of LLC owners and limited partners in an LP. A, B, and C are incorrect because they do not accurately distinguish between the two types of business entities.

What Is the Major Way in Which the Roles and Obligations