Bill sam and helen have decided to create a partnership

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Bill, Sam and Helen have decided to create a partnership, and they have heard that a Limited Liability Partnership (LLP) is preferable to a general partnership. Which of the following correctly describes an LLP?

A. Bill, Sam and Helen would not be personally liable for unpaid partnership debts.

B. No registration with the state government is needed to create an LLP

C. LLP's pay a federal income tax of 10%, whereas a regular partnership pays an income tax of 20%

D. An LLP will continue after the death of one of the partners

E. In an LLP new partners can be admitted without having to be approved by all of the existing partners

Reference no: EM131034272

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