Which of the following is a distinguishing feature of a limited liability partnership?
A) It is a form of business that is not yet available in Canada.
B) Its partners are shareholders.
C) It is intended to address the concerns of professionals who are not permitted to form corporations.
D) The liability of some of the partners is limited to their capital contribution.

Question

Quizplus · Accepted Answer

A limited liability partnership (LLP) is designed for professionals who cannot form corporations, allowing them to limit their liability while maintaining the flexibility of a partnership.

Which of the Following Is a Distinguishing Feature of a Limited