We present a detailed theoretical and experimental study of Feshbach resonances in the Li-6-K-40 mixture. Particular attention is given to the inelastic scattering properties, which have not been considered before. As an important example, we thoroughly investigate both elastic and inelastic scattering properties of a resonance that occurs near 155 G. Our theoretical predictions based on a coupled channels calculation are found in excellent agreement with the experimental results. We also present theoretical results on the molecular state that underlies the 155 G resonance, in particular concerning its lifetime against spontaneous dissociation. We then present a survey of resonances in the system, fully characterizing the corresponding elastic and inelastic scattering properties. This provides the essential information to identify optimum resonances for applications relying on interaction control in this Fermi-Fermi mixture.