Which is true for a limited liability partnership (LLP)?

Question

All partners have personal liability.

All partners are limited from personal liability in certain situations.

All partners are required to be general partners.

All partners are free from liability.

Answer 1

The statement that is true for a limited liability partnership (LLP) is:

All partners are limited from personal liability in certain situations.

In an LLP, partners typically have limited personal liability for the debts and obligations of the partnership, meaning they are generally not personally liable for the actions of other partners, but they can still be personally liable for their own negligence or misconduct.