One way to eliminate some of the risk of your partners making costly mistakes that could jeopardize your personal assets is to set up a
A) master limited partnership.
B) sole proprietorship.
C) limited amount of time each can actively spend in the business.
D) limited liability partnership.

Question

Quizplus · Accepted Answer

A limited liability partnership (LLP) limits partners' risk of losing their personal assets to the outcomes of only their own acts and omissions and those of people under their supervision. If you are a limited partner in an LLP, you can operate without the fear that one of your partners might commit an act of malpractice resulting in a judgment that takes away the personal assets of those who did not commit the errors.

One Way to Eliminate Some of the Risk of Your