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 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 the personal assets of a partner cannot be used to pay off the debts and liabilities of the partnership, except in cases where the partner's actions or negligence resulted in the loss.

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