Complete the following paragraph regarding the ways in which LLCs might differ from partnerships.

LLCs_______(have/don't have) have limited liability for owners; whereas, general partners are generally______ (liable/ not liable) for partnership debts. 

Many professional service firms_____(can /cannot) be organized as an LLC. 

LLCs_____(are/are not) required to have a general partner. 

LLC members______(can/can not) participate in business management. ______(LLCs/Partnerships) can have a single owner whereas______ (LLCs/partnerships) must have two or more.

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