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Can anyone explain limited liability partnerships to me?
Which of the following is true about limited liability partnerships?
a. In many states, the use of limited liability partnerships is limited to certain types of professionals.
b. Limited liability partnerships must have at least one general partner, but that general partner can be a limited liability company.
c. Many states require limited liability partnerships to carry liability insurance.
d. Both a. and c. are true.
3 Answers
- Anonymous9 years ago
A limited liability company (LLC) is a flexible form of enterprise that blends elements of partnership and corporate structures. It is a legal form of company that provides limited liability to its owners in the vast majority of United States jurisdictions. LLCs do not need to be organized for profit.[
http://en.wikipedia.org/wiki/Limited_liability_com...
You kids have no idea how easy you have it.
Ironically grades are down.
Maybe easy isn't better.
- Anonymous9 years ago
It's limited, and your liable.
