A Limited Liability Partnership (LLP) Is a Variation on the Partnership

Multiple Choice

A limited liability partnership (LLP) is a variation on the partnership form of business.Which of the following is FALSE?

A) An LLP has the characteristics of a general partnership, but with specific limitations on the liability of the partners.
B) The limitation on liability of an LLP varies depending on the province.
C) An LLP provides special tax treatment that is not available in a limited partnership or a general partnership.
D) An LLP is limited to certain practicing professions.
E) An LLP must include the words Limited Liability Partnership or its abbreviation, LLP.