Which of the following statements is TRUE with respect to the risk of liability under a partnership?

Question

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Under a limited liability partnership, partners are generally not personally liable for the torts of other partners, but there are exceptions to this rule. In order to avoid liability, the partner seeking to do so must meet specific requirements, such as implementing proper oversight or reporting the actions of the negligent partner in a timely manner. Option A is incorrect because liability is not determined solely by what a reasonable person believes, but by the actual legal relationship between the parties. Option C is incorrect because managing partners can be held liable for the actions of other partners, especially if they were aware of the wrongful conduct but failed to take appropriate action to prevent it. Option D is incorrect because partners are generally liable for the acts of other partners committed within the scope of the partnership's business, regardless of whether they were authorized. Option E is incorrect because a partner is not liable for the debts and liabilities of their partner's spouse, but they may be liable for the debts and liabilities of the partnership itself.

Which of the Following Statements Is TRUE with Respect to the Risk