Which of the following is not true of a limited liability partnership?
A)All partners are limited partners.
B)Most states restrict this form of ownership to certain types of professions such as attorneys, physicians, dentists, accountants, etc.
C)Although LLPs have many of the characteristics of partnerships, they are taxed as a corporation.
D)It must involve a general partner, a limited partner, a silent partner, and a dormant partner.

Question

Quizplus · Accepted Answer

Limited liability partnerships (LLPs) are typically taxed as partnerships, not as corporations, meaning they pass through income to the partners who then report it on their individual tax returns.

Which of the Following Is Not True of a Limited