Which one of the following statements is TRUE regarding a partner's personal liability for partnership assets?
A) LLC members can never be liable for entity debts.
B) In a limited partnership, all partners have limited liability for partnership debts.
C) In a limited liability partnership, the partner might be subject to liability for other partners' malpractice.
D) In a general partnership, all partners are liable for entity debts
E) None of the above statements are true.

Question

Quizplus · Accepted Answer

In a general partnership, all partners are personally liable for the debts and obligations of the partnership. The other statements are incorrect. LLC members may have some personal liability in certain circumstances, limited partners have limited liability for partnership debts but general partners do not, and liability for other partners' malpractice in a limited liability partnership depends on state laws and the specific circumstances of the case.

Which One of the Following Statements Is TRUE Regarding a Partner's