In a Limited Liability Partnership, a Partner Has Unlimited Liability

question 138

Multiple Choice

In a limited liability partnership, a partner has unlimited liability

• A) for the negligent acts of the other partners.
• B) for only his or her share of capital contributed.
• C) for the actions of employees whom they directly supervise and control.
• D) only during the first 5 years of the partnership.

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Definitions:

United States Congress

The bicameral legislative body of the federal government of the United States, consisting of the Senate and the House of Representatives.

Create

To bring something into existence or cause it to be made, often referring to innovation, construction, or design processes.

Dissolve

The formal closing or termination of an entity, such as a corporation or partnership, often involving the distribution of assets to claimants.

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