It is possible to limit the liability faced by some of the partners in a partnership form of business by establishing a _____.
A)limited liability partnership (LLP)
B)general partnership
C)Proprietorship
D)concentrated partnership
E)limited accumulation partnership

Question

It is possible to limit the liability faced by some of the partners in a partnership form of business by establishing a _____. 
A)limited liability partnership (LLP)
B)general partnership
C)Proprietorship
D)concentrated partnership
E)limited accumulation partnership

Quizplus · Accepted Answer

A limited liability partnership (LLP) is a type of partnership where the liability of the partners is limited to their investment in the partnership. This means that the personal assets of the partners are protected in case the business faces a lawsuit or debt. LLPs are commonly used in professional services industries such as law firms and accounting firms.

It Is Possible to Limit the Liability Faced by Some