Question
Complete the following paragraph regarding the ways in which LLCs might differ from partnerships. LLCs_______(have/don't have) have limited liability for owners; whereas, general partners are
Complete the following paragraph regarding the ways in which LLCs might differ from partnerships.
LLCs_______(have/don't have) have limited liability for owners; whereas, general partners are generally______ (liable/ not liable) for partnership debts.
Many professional service firms_____(can /cannot) be organized as an LLC.
LLCs_____(are/are not) required to have a general partner.
LLC members______(can/can not) participate in business management. ______(LLCs/Partnerships) can have a single owner whereas______ (LLCs/partnerships) must have two or more.
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Income Tax Fundamentals 2019
Authors: Gerald E. Whittenburg, Steven Gill
37th Edition
1337703060, 1337673218, 9781337673211, 978-1337703062
