Author Question: Insolvency may be the basis for disallowing a creditor's claim against the estate. a. True b. ... (Read 38 times)

pragya sharda · **on:** Aug 3, 2018

Insolvency may be the basis for disallowing a creditor's claim against the estate.

a. True
b. False

Question 2

What are the differences between a limited liability partnership and a limited liability company?

What will be an ideal response?

mrphibs · **Reply #1 on:** Aug 3, 2018

Answer to Question 1

a

Answer to Question 2

A limited liability partnership (LLP) is a business organization providing limited
liability to partners without restrictions of limited partnership. Partners can participate
in the operation of the business. A limited liability company (LLC) is a business organization
providing limited liability to its owners, but not taxed as a corporation. The LLC is liable for its own debts but there is no personal liability on the part of the owners.