In a limited liability partnership, each partner's risk of losing personal assets is:
A) Unlimited.
B) Limited to losses that result from his/her own acts and omissions and the acts and omissions of those who work under his/her supervision.
C) Determined entirely by the maximum loss provision established by the articles of co-partnership.
D) Nonexistent.

Question

Quizplus · Accepted Answer

In a limited liability partnership, each partner's risk of losing personal assets is limited to the losses that result from his/her own acts and omissions and the acts and omissions of those who work under his/her supervision. This means that if one partner is responsible for a loss, only their personal assets are at risk and not those of other partners.

In a Limited Liability Partnership, Each Partner's Risk of Losing