Which of the following statements is true of limited liability partnerships (LLPs)?
A) The partners are not required to file an LLP form with the state.
B) The partners maintain an adequate amount of professional liability insurance.
C) They are relatively difficult to organize around an existing partnership.
D) They necessitate that all existing partnerships be dissolved.

Question

Quizplus · Accepted Answer

Limited liability partnerships (LLPs) are relatively easy to organize around an existing partnership. The partners need merely file an LLP form with the state and then maintain an adequate amount of professional liability insurance.

Which of the Following Statements Is True of Limited Liability