Asked by Grace Ferreira on May 29, 2024
Verified
Which of the following is not allowed in a partnership agreement?
A) A reduction of the duty of care owed to the partnership.
B) An increase of the duty of care owed to the partnership.
C) A clause modifying the duty of care owed to the partnership.
D) An elimination of the duty of care owed to the partnership.
Duty Of Care
A legal obligation requiring individuals to exercise a reasonable standard of care to prevent harm to others.
Partnership Agreement
A legal document that outlines the rights, responsibilities, and profit and loss distribution among partners in a business partnership.
- Elucidate the responsibilities and liabilities related to partnerships and LLPs.
Verified Answer
ZK
Zybrea KnightJun 03, 2024
Final Answer :
D
Explanation :
In the partnership agreement,the partners may reduce or increase the duty of care owed to the partnership.They may not,however,eliminate the duty of care.
Learning Objectives
- Elucidate the responsibilities and liabilities related to partnerships and LLPs.
Related questions
Kate Is a Partner of a Limited Liability Partnership (LLP)that ...
Which of the Following Statements About Limited Liability Partnerships (LLPs)is ...
In a ________ Partnership,all the Partners' Liability for Professional Malpractice ...
Kendra and Amelia Operate an Art Gallery, Owned as a ...
In a Limited Partnership, a General Partner Assumes No Liability ...