Nell is considering forms of business organization for Optic Center, a medical eye clinic. An advantage of a limited liability partnership is that, depending on the applicable state statute, partners can avoid personal liability for
A)their own wrongful acts.
B)any partnership obligation.
C)their own and other partners' wrongful acts.
D)none of the choices.

Question

Quizplus · Accepted Answer

In a limited liability partnership (LLP), partners can avoid personal liability for any partnership obligations, meaning they are not personally liable for the debts or obligations of the partnership itself, beyond their investment in the LLP. However, they remain liable for their own wrongful acts.

Nell Is Considering Forms of Business Organization for Optic Center