In a CPA firm operating as a limited liability partnership (LLP), the liability for one partner's actions does extend to the firm's assets.

Question

Quizplus · Accepted Answer

In a limited liability partnership, the liability of one partner for their actions does extend to the assets of the entire firm. However, the other partners in the firm are protected from the actions of that one partner, and their personal assets are not at risk.

In a CPA Firm Operating as a Limited Liability Partnership