What is an important aspect of a limited liability partnership?
A. A partner has unlimited liability arising from his or her own acts of negligence or misconduct or similar acts of any person under his or her direct supervision, but does not have unlimited liability in other matters.
B. All partners have unlimited liability.
C. It is the same as a limited partnership where the general partner has unlimited liability.
D. All partners have limited liability regarding all partnership activities.
Answer: A
You might also like to view...
A chi-square value is significant when it exceeds 1.96
Indicate whether the statement is true or false
Managers can use CVP analysis to handle risk and uncertainty
Indicate whether the statement is true or false
The law is based primarily on the French civil law system
Indicate whether the statement is true or false
Doing business in developing countries is riskier than in developed countries
Indicate whether the statement is true or false