Which of the following types of partnerships limits the partner's risk of losing their personal assets to only their own acts and omissions and to the acts and omissions of people under their supervision?
A) General partnership
B) Limited partnership
C) Master limited partnership
D) Limited liability partnership

Question

Quizplus · Accepted Answer

A limited liability partnership (LLP) limits the partner's risk of losing their personal assets to only their own acts and omissions and to the acts and omissions of people under their supervision. In a general partnership, all partners are personally liable for the partnership's debts and obligations. In a limited partnership, there must be at least one general partner who is personally liable, while the limited partners have limited liability. A master limited partnership is a type of limited partnership that is publicly traded.

Which of the Following Types of Partnerships Limits the Partner's