Limited liability partnerships Flashcards
1
Q
Liability in an LLP
A
RUPA provides that partners in LLPs are not liable for either the tort or contract obligations of the partnership or of the other partners.
Only personally liable for their own wrongful acts.
2
Q
Is there a general partner in an LLP?
A
A limited liability partnership does not have a general partner, since every partner in an LLP is given the ability to take part in the management of the company.
3
Q
Is an annual report for an LLP required?
A
Yes.
4
Q
Limited liability limited pships
A
A LP may become a LLLP by obtaining the necessary approval, filing a statement of qualification, and complying with the name requirements.
The limitations on liability of partners in a limited liability pship apply to both the general and limited partners of a LLLP.
