The Law of Corporations and Other Business Organizations

Chapter Review Questions

1. How do limited liability partnerships differ
from general partnerships?

2. Where in the state statutes is law governing
limited liability partnerships generally
found?

3. In states that follow the UPA 1997, what
information must be included in a statement
of qualification to elect limited liability
partnership statutes?

4. Why do some states require limited liability
partnerships to maintain liability insurance?

5. What is the difference between partial
shield statutes and full shield statutes?

6. If a partnership formed in a partial shield
state has a judgment filed against it for a
$10,000 debt arising from the embezzlement
of funds by one partner, who will be
responsible for paying the partnership debt
once the partnership assets have been exhausted?

7. Why might a limited liability limited partnership
be a poor choice of entity for a
business that operates in several states?

8. In states that follow the ULPA 2001, how
is an election made to form a limited liability
limited partnership?