Question

In a limited liability partnership, each partner's risk of losing personal assets is Multiple Choice 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. unlimited. determined entirely by the maximum loss provision established by the articles of co-partnership. nonexistent.

Answer 1

In a limited liability partnership, each partner's risk of losing personal assets is determined entirely by the maximum loss provision established by the articles of co-partnership

What is  limited liability partnership?

This involves business partnership with individual that pursue the same goal and objectives.

The debt or owing is limited an not allow to spread beyond the financial commitment by the partners.

Therefore,

In a limited liability partnership, each partner's risk of losing personal assets is determined entirely by the maximum loss provision established by the articles of co-partnership.

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