Question 1

All owners of a limited liability company are known as officers.

Accepted Answer

A) True 
 B)False

Question 2

Under the Revised Uniform Limited Partnership Act, a limited partner probably will not lose the protection of limited liability when the limited partner:

Accepted Answer

A)   becomes a contractor for, or an agent or employee of, the limited partnership or of a general partner.
B)   consults with and advises a general partner regarding the partnership business.
C)   votes on partnership matters, such as dissolving and winding up the limited partnership or removing a general partner.
D)   all of the above.E) C) and D)
F) All of the above

Question 3

A limited liability company:

Accepted Answer

A)   always qualifies for partnership tax treatment.
B)   never qualifies for partnership tax treatment.
C)   may qualify for partnership tax treatment.
D)   None of the above.E) A) and B)
F) All of the above

Question 4

It is possible for a limited partner to be subject to the debts of the firm if the limited partner participates in the control of the business.

Accepted Answer

A) True 
 B)False

Question 5

The owners of a limited liability company are known as:

Accepted Answer

A)   members.
B)   partners.
C)   contributors.
D)   electors.E) C) and D)
F) A) and D)

Question 6

The limited liability company combines the tax advantage of the partnership with the limited liability feature of the corporate form of business organization.

Accepted Answer

A) True 
 B)False

Question 7

Every limited partnership must have at least one general partner.

Accepted Answer

A) True 
 B)False

Exam 43: LPs, LLCs, and LLPs

Every limited partnership must have at least one general partner.

Correct Answer
verified

A limited liability company:

Correct Answer
verified

All owners of a limited liability company are known as officers.

Correct Answer
verified

The limited liability company combines the tax advantage of the partnership with the limited liability feature of the corporate form of business organization.

Correct Answer
verified

It is possible for a limited partner to be subject to the debts of the firm if the limited partner participates in the control of the business.

Correct Answer
verified

The owners of a limited liability company are known as:

Correct Answer
verified

Under the Revised Uniform Limited Partnership Act, a limited partner probably will not lose the protection of limited liability when the limited partner:

Correct Answer
verified

Exam 43: LPs, LLCs, and LLPs

Every limited partnership must have at least one general partner.

Correct AnswerverifiedShow Answer

A limited liability company:

Correct AnswerverifiedShow Answer

All owners of a limited liability company are known as officers.

Correct AnswerverifiedShow Answer

The limited liability company combines the tax advantage of the partnership with the limited liability feature of the corporate form of business organization.

Correct AnswerverifiedShow Answer

It is possible for a limited partner to be subject to the debts of the firm if the limited partner participates in the control of the business.

Correct AnswerverifiedShow Answer

The owners of a limited liability company are known as:

Correct AnswerverifiedShow Answer

Under the Revised Uniform Limited Partnership Act, a limited partner probably will not lose the protection of limited liability when the limited partner:

Correct AnswerverifiedShow Answer

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified