Business Studies · Business Entities
What is a key characteristic of a Limited Liability Partnership (LLP)?
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1It requires only a local trade license to establish its legal identity
- 2It combines the structural operational flexibility of a partnership with the limited liability of a company✓
- 3It is completely barred from raising capital through any structural mechanism
- 4The owners have unlimited personal liability
Correct answer
It combines the structural operational flexibility of a partnership with the limited liability of a company
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