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BSAD 3200 - Unit 2 > Chapter 23 - Limited Liability Partnership (LLP) > Flashcards

Chapter 23 - Limited Liability Partnership (LLP) Flashcards

1
Q

Formation

A

Must file documents withing the state.

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2
Q

Operation

A

All partners have the right to manage

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3
Q

Taxation

A

Flow-through entity

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4
Q

Owner-Liability

A

Partners are liable for own mistakes/debts, but are NOT liable for LLP debts or the “mal-practice” of other partners.

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BSAD 3200 - Unit 2 (16 decks)

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