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Questions and Answers
Converting from a private company to a limited liability partnership offers limited personal liability for partners
Converting from a private company to a limited liability partnership offers limited personal liability for partners
True
Converting to a limited liability partnership unlocks numerous legal and financial benefits
Converting to a limited liability partnership unlocks numerous legal and financial benefits
True
Flexibility in ownership and management structures is a disadvantage of converting to a limited liability partnership
Flexibility in ownership and management structures is a disadvantage of converting to a limited liability partnership
False
A limited liability partnership combines the advantages of both a partnership and a sole proprietorship
A limited liability partnership combines the advantages of both a partnership and a sole proprietorship
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Converting to a limited liability partnership does not protect personal assets from business debts and liabilities
Converting to a limited liability partnership does not protect personal assets from business debts and liabilities
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