In a CPA firm operating as a limited liability partnership (LLP), the liability for one partner's actions does not extend to another partner's personal assets.

Question

Quizplus · Accepted Answer

This is one of the main benefits of operating as an LLP. Each partner is only liable for their own actions and not those of the other partners. This protects each partner's personal assets from the debts and liabilities of the partnership.

In a CPA Firm Operating as a Limited Liability Partnership