What is a limited liability limited partnership (LLLP)?
What will be an ideal response?
Some individuals, when forming their business organization, select a variation of a limited partnership known as a limited liability limited partnership (LLLP). Basically, this is a limited partnership except that limited liability is extended to both limited and general partners. However, a general partner does have unlimited liability for any tort or crime she commits. Formation of the LLLP is simple-the partners merely need to indicate the intention of creating an LLLP in their limited partnership certificate, which is then filed with the secretary of state where the business is located. With the exception of giving limited liability to the general partners, the rules governing LLLPs are identical to those covering limited partnerships. This includes the management responsibilities and the rights and duties of both types of partners. Further, as with limited partnerships, general partners in defectively formed LLLPs may still have limited liability if there was at least substantial compliance with the formation requirements. A growing number of states now offer the LLLP option, and where they do, most limited partnerships are converting to the LLLP form.
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Which of the following is a disadvantage of using a manual, non-automated materials-handling system?
a. Increases risk of damage b. Decreases product handling c. Lowers customer stockouts d. Increases time utility
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