What is the significance of a limited liability partnership for practising professionals in Quebec and Manitoba?
A) complete shielding from negligent or wrongful acts of partners
B) partial shielding from negligent or wrongful acts of partners
C) complete shielding from contractual obligations of the partnership
D) partial shielding from contractual obligations of the partnership

Question

Quizplus · Accepted Answer

A limited liability partnership provides partial shielding from negligent or wrongful acts of partners, which means that each partner is still held responsible for their own actions, but not for the actions of their partners. This is significant for practising professionals in Quebec and Manitoba as it helps to protect their personal assets from legal action taken against the partnership as a whole.

What Is the Significance of a Limited Liability Partnership for Practising