Limited Liability Limited Partnership

Limited Liability Limited Partnership

Assessment

Interactive Video

Business, Social Studies

University

Hard

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The video discusses a special entity type that exists in a few states, allowing for the formation of a limited liability partnership. This structure includes limited partners who receive protection from personal liability while maintaining the partnership's ease of use. The entity setup is complex, providing additional protection layers and ensuring limited partners, typically investors, do not engage in decision-making. This structure is common in real estate investments, where outside investors require limited partnership status within a limited liability partnership.

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5 questions

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1.

OPEN ENDED QUESTION

3 mins • 1 pt

What is a limited liability partnership and how does it differ from a traditional partnership?

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2.

OPEN ENDED QUESTION

3 mins • 1 pt

How does a limited liability partnership provide protection from personal liability?

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3.

OPEN ENDED QUESTION

3 mins • 1 pt

What is the significance of maintaining the structure of a partnership in a limited liability partnership?

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4.

OPEN ENDED QUESTION

3 mins • 1 pt

What are the roles of limited partners in a limited liability partnership?

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5.

OPEN ENDED QUESTION

3 mins • 1 pt

In what scenarios are limited liability partnerships most commonly used?

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