Attorneys Joseph,Sam,Nayeli,and Juanita agree to form a limited liability partnership (LLP),JUSTICE LAWYERS,LLP and each contribute $10,000 to the startup of this firm.In this LLP,each partner is personally liable because of the capital contribution,and may be sued in a separate action or in a joint action.

Question

Quizplus · Accepted Answer

In a limited liability partnership (LLP), the partners are not personally liable for the debts and obligations of the partnership beyond their capital contributions. Therefore, statement that "each partner is personally liable because of the capital contribution,and may be sued in a separate action or in a joint action" is false.

Attorneys Joseph,Sam,Nayeli,and Juanita Agree to Form a Limited Liability Partnership