A partner in a limited liability partnership (LLP)
I.Has no liability for acts of malfeasance of any of the other partners.
II.Has no liability for the debts of the partnership.

Question

A partner in a limited liability partnership (LLP)
I.Has no liability for acts of malfeasance of any of the other partners.
II.Has no liability for the debts of the partnership.
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Quizplus · Accepted Answer

Limited liability partnership (LLP) provides partners with limited liability for the debts and obligations of the partnership. Therefore, statement II is correct. Additionally, partners in an LLP are not personally liable for the malfeasance of any other partner in the LLP, unless they were involved in the wrongful act themselves. Therefore, statement I is also correct.

A Partner in a Limited Liability Partnership (LLP)