In Conformity with State Law,five Accountants Formed a Limited Liability

question 107

Multiple Choice

In conformity with state law,five accountants formed a limited liability partnership.The partnership is dissolved at a time when partnership debts exceed assets.Which of the following is true?

• A) The limited liability partnership must continue as a legal entity until the debts are repaid.
• B) The limited partners are personally liable for the debts of the partnership, since there was no general partner.
• C) The limited partners are not personally liable for the debts of the partnership beyond their capital contributions.
• D) The limited partners are not personally liable for the debts of the partnership, but only if the creditors specifically agreed not to hold them personally liable.
• E) The limited partners are personally liable for the debts of the partnership, regardless of whether there was a general partner.

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