Limited Liability Partnership (LLP) Quiz

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By IntriguingGauss



16 Questions

What distinguishes a limited liability partnership (LLP) from a traditional partnership under the UK Partnership Act 1890?

What distinguishes the power structure in an LLP from that of a corporation?

What is the tax liability level in an LLP compared to a corporation?

In an LLP, what are partners personally liable for?

How does the liability of partners in an LLP differ from that of corporate shareholders?

Under the UK Partnership Act 1890, what type of liability do partners have in a traditional partnership?

What is one reason professional-services firms find the partnership structure attractive?

What effect does limited liability have on the opportunities for new business growth?

What negative consequences can be associated with limited liability for stakeholders in some jurisdictions and industries?

Which action did some large accountancy firms in the UK take to relieve themselves of owing the 'duty of care' to individuals and clients adversely affected by audit failures?

What did PricewaterhouseCoopers and Ernst & Young hire the legislature of Jersey to enact?

According to Delaware Supreme Court Chief Justice Myron Steele, how should courts assess cases of improper corporate governance for limited liability entities?

How are limited liability partnerships distinct from limited partnerships in some countries?

Which type of businesses is the LLP more suited for in countries where all investors wish to take an active role in management?

In what way did some accountancy firms attempt to advance their interests according to the text?

Which entity suggested that limited liability entities should not be held to common law standards of fiduciary principles?


Test your knowledge about the characteristics and features of a limited liability partnership (LLP). Find out about the unique aspects of an LLP, including partner liability and protection.

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