Which of the following statements about LLPs is false?
A)State legislatures created the LLP as a means of reducing the personal liability of professional partners.
B)An innocent partner of an LLP has no liability for the professional malpractice of his partners.
C)LLP statutes grant partners broad protection.
D)LLP statutes hold innocent partners liable for negligence.

Question

Quizplus · Accepted Answer

State legislatures created the limited liability partnership (LLP)as a means of reducing the personal liability of professional partners,such as accountants.Consequently,an innocent partner of an LLP has no liability for the professional malpractice of his partners.LLP statutes grant partners broad protection,eliminating an innocent partner's liability for errors,omissions,negligence,incompetence,or malfeasance of his partners or employees.

Which of the Following Statements About LLPs Is False