Which of the following statements is true as it relates to limited liability partnerships?
A) Only senior partners are liable for the partnership's debts.
B) Partners have no liability in a limited liability partnership arrangement.
C) Partners are personally liable for the acts of those under their supervision.
D) All partners must be AICPA members.

Question

Quizplus · Accepted Answer

In a limited liability partnership, partners are protected from personal liability for the acts of other partners, but they can still be personally liable for their own actions and for the actions of those under their supervision. Therefore, statement C is true. Statements A and B are both incorrect, as even in a limited liability partnership, all partners are typically responsible for the partnership's debts. Statement D is also incorrect, as there is no requirement for all partners in a limited liability partnership to be AICPA members.

Which of the Following Statements Is True as It Relates