A Limited Liability Partnership (Llp)is Different from a Limited Partnership.which
A Limited Liability Partnership (LLP)is different from a limited partnership.Which of the following is NOT true?
A)In a limited partnership there must be at least one general partner who has unlimited liability.
B)Limited partnerships are not restricted to the professions.
C)In a limited partnership,the partner's liability is limited to the total amount of capital contributions of all partners.
D)Unlike partners in an LLP,limited partners lose their limited liability if they participate in management.
The type of unincorporated business that is usually owned by one person is called a partnership.
In Ontario,in the absence of a partnership agreement,the provisions of the Partnership Act apply to a general partnership.
In a limited partnership,although the limited partner actively engages in the management of the partnership business,only the general partner has unlimited liability.