It is possible to limit the liability faced by some of the partners in a business by establishing a(n) _____.
A) limited liability partnership (LLP)
B) general partnership
C) sole proprietorship
D) S Corporation
E) limited liability company (LLC)

Question

Quizplus · Accepted Answer

Limited liability partnership (LLP) provides the partners with some limitation on their personal liability. In an LLP, partners are not personally responsible for the debts or obligations of the partnership. This protects the personal assets of individual partners from claims against the partnership.

It Is Possible to Limit the Liability Faced by Some