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Hi Mike
I still a bit confuse with the answer provided in below question from OT
In the contest of the Limited Liability Partnership with of the following statement is false?
A There is not need to file the annual statement to the Registrar of the company
B It must have at least two members
C Limited shall be the last word in the Partnership name
D Shall be at least one partner with unlimited liabilityMy answer was D, but wrong as C is being shown as the correct one
However, on the OT note is written the Limited Liability Partnership has a separate legal entity, the partners are not liable for the firm’s debts, thereby protecting themselves from personal disaster.
If so how can one partner have the unlimited liability?
My understanding was that in Limited Partnership has at least one partner with unlimited liability
Could you please help?
Thanks
Gabbi
Hi
Option “D” should read “There shall be at least two designated members” – I’ve confused Limited Liability Partnerships with Limited Partnerships!
Answer “C” is false – the last word in the name should be “Partnership” or “P” as in “LLP”
Ok?
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