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What is a limited liability partnership?

9. What is a limited liability partnership?

1. Form of business partnership where there is no fixed term agreed for the duration of the partnership.
2. Partnership in which some or all partners can exhibit elements of partnerships and corporations.
3. Form of partnership under common law.
4. A partnership was formed for a single transaction.

Answer: B) Partnership in which some or all partners can exhibit elements of partnerships and corporations

Explanation:

Limited Liability Partnership is an adaptable legitimate and assessment element that permits accomplices to profit from economies of scale by cooperating while likewise decreasing their responsibility for the activities of different accomplices. Similarly, as with any lawful substance, you really must take a look at the laws in your country (and your state) before becoming excessively energized. So, check with a legal advisor first. The odds are great that they have first-hand involvement in a Limited Liability Partnership.