Which of the following is nottrue of a limited liabilitypartnership? *Most states restrict this form ofownership to certain types ofO professions such as attorneys,physicians, dentists, accountants,etc.It must involve a general partner, alimited partner, a silent partner, anda dormant partner.Although LLPS have many of theO characteristics of partnerships, theyare taxed as a corporation.All partners are limited partners.

Business is an activity of making money or one’s living by producing some products or services or…

Answered: limited partner, a silent a dormant…

Business

Management

limited partner, a silent a dormant partner. Although LLPS have ma O characteristics of partm

Understanding Business

12th Edition

ISBN:9781259929434

Author:William Nickels

Publisher:William Nickels

Chapter1: Taking Risks And Making Profits Within The Dynamic Business Environment

Section: Chapter Questions

Problem 1CE

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Question

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

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