Question: Questions: 1. What is the difference between an LLC and an LLP? (Hint: An LLC and and LLP are not a limited partnership. All three

Questions:

1. What is the difference between an LLC and an LLP? (Hint: An LLC and and LLP are not a limited partnership. All three are separate forms of organization.)

2. How are partnership profits allocated?

3. What is the difference between partnership liquidation and partnership dissolution? (Hint: do not report that they are the same.)

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