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Which THREE of the following are characteristics of Limited Liability Partnerships ("LLPs")?
Suggested Answer: A, D, E
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11 comments · newest first
MO
Mona
12 months ago
Totally agree, they can hold property in their own name too!
LA
Laquita
12 months ago
Wait, are partners really jointly and severally liable? That sounds risky!
EL
Elliott
1 year ago
Yup, they need formal registration under statute.
RE
Reyes
1 year ago
I thought LLPs had perpetual succession? Guess not!
BR
Brendan
1 year ago
LLPs can definitely enter into contracts in their own name.
CL
Clay
1 year ago
I feel like LLPs do have perpetual succession, but I might be mixing that up with corporations.
MA
Markus
1 year ago
I practiced a question similar to this, and I think LLPs are usually created by formal registration under statute.
NI
Nina
1 year ago
I remember that LLPs have limited liability, but I can't recall if partners are jointly and severally liable for debts.
BA
Barney
1 year ago
I think LLPs can enter into contracts in their own name, but I'm not entirely sure about the specifics.
AN
Antonette
1 year 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?
KI
Kirby
1 year ago
Okay, let's see. IP and Host Name seem like the most likely choices to me, but I'll double-check the options.