A(n)________ must carry large insurance policies to protect the public in case the partnership is found guilty of malpractice.

Question

Quizplus · Accepted Answer

Limited liability partnerships (LLPs) provide some protection for partners by limiting their personal liability for the actions of other partners, but they are still responsible for their own actions. As a result, LLPs are required to carry large insurance policies to protect the public in case the partnership is found guilty of malpractice. General partnerships, S Corporations, and C Corporations also face potential liability for malpractice, but their liability is generally limited to the assets of the partnership or corporation, rather than the personal assets of the partners or shareholders.

A(n)________ Must Carry Large Insurance Policies to Protect the Public