Limited partnerships and limited liability partnerships are just two names for exactly the same type of business organization.

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Asked 10/23/2013 6:29:33 AM

Updated 151 days ago|7/15/2024 12:29:11 AM

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User: In terms of total net income by form of ownership, the sole proprietorship is the largest form of business ownership, partnerships follow, and corporations are the smallest form.

User: In a limited liability partnership there is no need to distinguish between limited or general partners, because they share the management responsibilities.

User: Limited partnerships and limited liability partnerships are just two names for exactly the same type of business organization.

Weegy: A limited liability partnership (LLP) is a partnership in which some or all partners (depending on the jurisdiction) have limited liabilities. [ It therefore exhibits elements of partnerships and corporations.[1] In an LLP, one partner is not responsible or liable for another partner's misconduct or negligence. This is an important difference from the traditional unlimited partnership under the Partnership Act 1890, in which each partner has joint and several liability. ]
Expert answered|grefaldiomarites|Points 70|

Question

Asked 10/23/2013 6:29:33 AM

Updated 151 days ago|7/15/2024 12:29:11 AM

3 Answers/Comments

This conversation has been flagged as incorrect.

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écdtian

In terms of total net income by form of ownership, the sole proprietorship is the largest form of business ownership, partnerships follow, and corporations are the smallest form. FALSE.

Added 151 days ago|7/15/2024 12:28:39 AM

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écdtian

In a limited liability partnership there is no need to distinguish between limited or general partners, because they share the management responsibilities. FALSE.

Added 151 days ago|7/15/2024 12:28:52 AM

This answer has been confirmed as correct and helpful.

écdtian

Limited partnerships and limited liability partnerships are just two names for exactly the same type of business organization. FALSE.

Added 151 days ago|7/15/2024 12:29:11 AM

This answer has been confirmed as correct and helpful.

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