Question 1
Limited liability of partners or members is an advantage of all the following
with the exception of◦ LLP.
◦ LLC.
◦ limited partnerships.
◦ general partnerships.
Question 2
Many professional service partnerships have adopted the LLP form primarily because it
◦ limits legal liability.
◦ limits the number of members.
◦ allows for the transfer of partners' interests.
◦ assures the continuity of life.