Multiple Choice
Which of the following is true of a general partner of a limited liability partnership (LLP) ?
A) A general partner of a limited liability partnership (LLP) is fully personally liable for all business debts.
B) A general partner of a limited liability partnership (LLP) is liable for the negligence, irresponsibility, or similar acts committed by any other partner.
C) A general partner of a limited liability partnership (LLP) is considered as an investor only.
D) A general partner of a limited liability partnership (LLP) is liable only to the extent of his/her investment in the partnership.
E) A general partner of a limited liability partnership (LLP) is taxed for the limited partners' share of the partnership's income.
Correct Answer:
Verified
Correct Answer:
Verified
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