NOWv2 | Online teach x Assignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator &inprogress=false eBook Discussion Question 13-4 (LO. 2, 3) All of the Big 4 accounting firms changed their ownership form from a general partnership to a limited liability partnership. For each of following statements, select "Yes" if it describes a reason for the ownership change from a general partnership to a limited liability partnership; otherwise select "No". A general partnership is subject to taxation, whereas a limited liability partnership is not. Under the general partnership form, there is unlimited liability with the personal assets of each of the firm partners being subject to the claims of the partnership creditors. Under a LLP, the personal assets of a particular partner are subject to the claims of the partnership creditors for his or her actions. Only general partnerships are conduits of income and loss, subject to basis, at-risk, and passive loss rules. Save and Exit Sub