The drawback to being a partner in a limited liability partnership is that the partners are personally liable for the debts and obligations of the limited liability partnership.

Question

Quizplus · Accepted Answer

The statement is incorrect. A major benefit of a limited liability partnership is that the partners are not personally liable for the debts and obligations of the partnership. Instead, their liability is limited to the amount of their investment in the partnership.

The Drawback to Being a Partner in a Limited Liability