Which of the following is true when a general partnership is - 8141

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Which of the following is true when a general partnership is converted to an LLC? 

 

A.   The members will retain unlimited personal liability for obligations incurred while the business was a partnership.

B.  The profit and loss sharing terms must remain the same as they were in the partnership.

C.   The conversion can be made retroactive for up to two years.

 

D.   The property must be sold to a third party who then immediately sells it to the LLC.

 
Solution Description

Which of the following is true when a general partnership is converted to an LLC?