Which of the following would most likely be a requirement of provincial legislation with respect to a limited liability partnership?
A) liability insurance to compensate victims for loss
B) the use of "limited partnership" or "LP" in the firm name
C) a business licence in the partnership name
D) access to partners' personal assets to satisfy claims

Question

Quizplus · Accepted Answer

Liability insurance is commonly required by provincial legislation for limited liability partnerships to ensure that there are funds available to compensate victims for any loss, providing a layer of protection that aligns with the limited liability aspect of such partnerships.

Which of the Following Would Most Likely Be a Requirement