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

Which THREE of the following are characteristics of Limited Liability Partnerships ("LLPs")?
A) LLPs can enter into contracts in their own name and D) LLPs can hold property in their own name and E) LLPs are usually created by formal registration under statute
B) LLPs have no perpetual succession
C) An LLPs partners are jointly and severally liable for the debts of the LLP

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
10 months ago
Totally agree, they can hold property in their own name too!
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Laquita
10 months ago
Wait, are partners really jointly and severally liable? That sounds risky!
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Elliott
10 months ago
Yup, they need formal registration under statute.
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Reyes
11 months ago
I thought LLPs had perpetual succession? Guess not!
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Brendan
11 months ago
LLPs can definitely enter into contracts in their own name.
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Clay
11 months ago
I feel like LLPs do have perpetual succession, but I might be mixing that up with corporations.
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Markus
11 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
11 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
11 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
11 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
11 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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