Asked by habibatou diallo on Jul 09, 2024
Verified
A limited liability partnership protects the owners from liability,and taxes are paid by the corporation.
Limited Liability Partnership
A business structure that allows partners to have limited liabilities, protecting personal assets from business debts.
Owners
Individuals or entities that possess an item or asset and have legal rights and control over it.
Taxes
Compulsory contributions to state revenue, levied by the government on workers' income and business profits or added to the cost of some goods, services, and transactions.
- Learn the registration process and legal structures for protecting intellectual property and business operations.
Verified Answer
AT
Andrea TovarJul 16, 2024
Final Answer :
False
Explanation :
A limited liability partnership does protect the owners from liability, but taxes are not paid by the corporation. Instead, the profits and losses of the partnership are passed through to the individual partners, who report them on their personal tax returns.
Learning Objectives
- Learn the registration process and legal structures for protecting intellectual property and business operations.