Which of the following accurately describes a limited partner in a partnership? A partner who is...

Which of the following accurately describes a limited partner in a partnership?

A partner who is not personally liable for partnership debts beyond the amount of money or other property that the partner contributed to the partnership.

A partner who is personally liable for partnership debts.

A partner who can act on behalf of the business without the knowledge or permission of the other partners.

A partner who participates in the daily running of the business or in making business decisions.

Expert Solution

Answer)A partner who is not personally liable for partnership debts beyond the amount of money or other property that the partner contributed to the partnership.

In an LLP, while the LLP itself will be liable to the full extent of its assets, the liability of its members will be limited. Partners in an LLP will not be responsible for another partner’s debts, obligations, or liabilities resulting from negligence, malpractice or misconduct.

ekkarill92 answered 2 years ago

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