Which of the following is true when a general partnership is converted to an LLC? - 2711

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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 conversion can be made retroactive for up to two years.

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

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

 
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