Which of the following is true about LLPs?
A)There is limited liability for the LLP as well as all partners.
B)There is limited liability for the LLP only.
C)There is limited liability for the LLP and for those partners not involved in the negligent acts.
D)The liability in an LLP is the same as the liability in limited partnerships.

Question

Which of the following is true about LLPs?​
A)​There is limited liability for the LLP as well as all partners.
B)​There is limited liability for the LLP only.
C)There is limited liability for the LLP and for those partners not involved in the negligent acts.
D)The liability in an LLP is the same as the liability in limited partnerships.

Quizplus · Accepted Answer

In an LLP, the partnership itself and partners not involved in negligent acts have limited liability, protecting them from personal liability for the actions of other partners.

Which of the Following Is True About LLPs?​

Which of the Following Is True About LLPs?