Which form of business entity was created primarily to professionals from malpractice liability generated by other owners in the firm?
A) the limited partnership
B) the limited liability partnership
C) the limited liability company
D) the general partnership

Question

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The limited liability partnership (LLP) was created primarily to protect professionals from malpractice liability generated by other owners in the firm. In an LLP, each partner has limited liability for the actions of the other partners, which means that they are generally only liable for their own actions and not the actions of their partners. This makes the LLP an attractive option for professionals such as lawyers, accountants, and doctors who want to protect themselves from the malpractice liability of their partners. The other options (limited partnership, limited liability company, and general partnership) do not offer the same level of protection from malpractice liability.

Which Form of Business Entity Was Created Primarily to Professionals