Round-Up Ranch and Smith & Jones, Accountants, are limited liability partnerships (LLPs). The major features of an LLP are that it limits the personal liability of the partners and
a. it allows the partnership to continue as a pass-through tax entity.
b. LLP statutes do not vary from state to state.
c. it can only do business in the state in which it was formed.
d. only a few states have enacted LLP statutes.
A
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