Jay is considering forms of business organization for Jay's Designs, an ar?chitectural firm. An advantage of a limited liability partnership is that partners can avoid personal liability for
A) any partnership obligation.
B) only other partners' wrongdoing.
C) only partnership obligations that exceed capital contributions.
D) only partnership obligations that fall within capital contributions.

Question

Quizplus · Accepted Answer

A limited liability partnership (LLP) is a type of business organization that provides limited liability to its partners. This means that partners are not personally liable for the debts and obligations of the partnership, except for those that they have personally guaranteed.

Jay Is Considering Forms of Business Organization for Jay's Designs