In a limited liability partnership,each partner's risk of losing personal assets is:
A)Unlimited.
B)Limited to losses that result from his/her own acts and omissions and the acts and omissions of those who work under his/her supervision.
C)Determined entirely by the maximum loss provision established by the articles of co-partnership.
D)Nonexistent.

Question

Quizplus · Accepted Answer

In a limited liability partnership, each partner's risk of losing personal assets is limited to losses that result from his/her own acts and omissions and the acts and omissions of those who work under his/her supervision. This means that the personal assets of the partners are protected from the liabilities of the partnership, except for those liabilities that result from their own actions or the actions of those they supervise.

In a Limited Liability Partnership,each Partner's Risk of Losing Personal