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A question in LW-GLO revision kit pg.27
Which of the following statements is correct regarding Limited Liability Partnerships is CORRECT?
1.A written partnership agreement is required to form partnership
2. The partnership dissolves when a partner leaves
3.The partnership must have two designated members who are responsible for the publicity requirements of partnership
4. The partnership is exempt from audit.
The answer in kit was option (2)
Whereas the explanation says the partnership does not dissolve when a partner leaves LLP.
Which is one is correct?
The correct answer is 3 re LLP’s.