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Hi,
To the question in the mock exam: In the context of limited liability partnership, which of the following statements is false?
‘Limited’ shall be the last word in the partnership’s name appears as the correct answer but I think that’s a mistake and the correct answer is ‘there shall be at least on partner with unlimited liability’. Is that right?
Thank you!
Laura, the chosen option of “‘Limited’ shall be the last word in the partnership’s name” is a correct choice. More often than not a limited liability partnership will end with the abbreviation of ‘LLP’ or, more fully, ‘Limited Liability Partnership’
The option “‘there shall be at least on partner with unlimited liability’” would be a correct statement if the question had asked for statements about a limited partnership
But here, with a limited liability partnership, that is an incorrect statement
It would be correct if the option had read “‘there shall be at least one designated member'” because, of course, there shall be at least two designated members
In summary, according to what you have written in your post, there are two statements that are incorrect
Now, please tell me which mock exam is it where you found this question? Was it on OpenTuition, BPP, Kaplan or some other source?
Thanks for your response. The question was in the Open Tuition mock exam.
Just to clarify about the word Limited, please let me know if I’m right:
– LLP is for partnerships
– Either Limited or Ltd for private companies
– and Plc for public companiesThanks,
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