Asked by Dylan Wright on May 19, 2024
Verified
In a ________ partnership,all the partners' liability for professional malpractice is limited to the partnership.
A) general
B) limited
C) professional
D) limited liability
E) stop-loss
Professional Malpractice
An instance where a professional fails to perform their duties to the accepted standard of practice in their field, leading to harm or loss.
Partnership
A legal arrangement where two or more persons agree to share the profits and losses of a business venture.
- Recognize the distinctions among various kinds of partnerships and their respective features.
- Recognize the distinct aspects and legal requirements of limited liability partnerships (LLPs).
Verified Answer
JZ
Jessica zambranoMay 25, 2024
Final Answer :
D
Explanation :
The limited liability partnership is different from other forms of partnerships because the partners' liability for professional malpractice is limited to the partnership.
Learning Objectives
- Recognize the distinctions among various kinds of partnerships and their respective features.
- Recognize the distinct aspects and legal requirements of limited liability partnerships (LLPs).
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