Asked by Artem Balatskiy on Jun 26, 2024
Verified
A ___, common among professionals such as accountants and attorneys, limits the liability of one partner for the negligence of another.
A) general partnership
B) sole proprietorship
C) limited partnership
D) limited liability corporation
E) limited liability partnership
Professional Partnership
A form of business organization where two or more individuals manage and operate a business in accordance with the terms and objectives set out in a Partnership Agreement.
Negligence
A failure to take reasonable care or to act with the expected level of diligence, leading to harm or damage.
- Acquire knowledge of the unique characteristics and analogous features of diverse partnership and corporate entities.
Verified Answer
JM
Jasmyne McGeeJul 01, 2024
Final Answer :
E
Explanation :
A limited liability partnership (LLP) is a type of partnership that limits the personal liability of one partner for the negligence or misconduct of another partner. This form of business structure is commonly used by professionals such as lawyers, accountants, and doctors.
Learning Objectives
- Acquire knowledge of the unique characteristics and analogous features of diverse partnership and corporate entities.
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