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CIMAPRA17-BA4-1 Exam - Topic 4 Question 67 Discussion

Actual exam question for CIMA's CIMAPRA17-BA4-1 exam
Question #: 67
Topic #: 4
[All CIMAPRA17-BA4-1 Questions]

Which THREE of the following are characteristics of Limited Liability Partnerships ("LLPs")?

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Suggested Answer: A, D, E

by Cecil at Mar 24, 2023, 08:50 AM

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Mona
7 months ago
Totally agree, they can hold property in their own name too!
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Laquita
7 months ago
Wait, are partners really jointly and severally liable? That sounds risky!
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Elliott
7 months ago
Yup, they need formal registration under statute.
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Reyes
7 months ago
I thought LLPs had perpetual succession? Guess not!
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Brendan
8 months ago
LLPs can definitely enter into contracts in their own name.
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Clay
8 months ago
I feel like LLPs do have perpetual succession, but I might be mixing that up with corporations.
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Markus
8 months ago
I practiced a question similar to this, and I think LLPs are usually created by formal registration under statute.
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Nina
8 months ago
I remember that LLPs have limited liability, but I can't recall if partners are jointly and severally liable for debts.
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Barney
8 months ago
I think LLPs can enter into contracts in their own name, but I'm not entirely sure about the specifics.
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Antonette
8 months ago
Hmm, I'm a bit unsure about this one. Do we need to create a cluster peering relationship as well, or is that not required for this specific task?
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Kirby
8 months ago
Okay, let's see. IP and Host Name seem like the most likely choices to me, but I'll double-check the options.
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