Asked by Vicky Jaser on May 07, 2024
Verified
In an accounting limited liability partnership (LLP), the partnership firm remains liable for the negligence of a partner in the performance of his or her professional duties.
Limited Liability
A legal structure where a person's financial responsibility is bounded to the amount invested in a business, protecting personal assets from company debts.
Professional Duties
Obligations that individuals in certain professions must follow based on standards of their profession and ethical guidelines.
Negligence
A lack of the customary caution that a reasonably prudent person would exercise in similar conditions.
- Evaluate the impact that the actions of partners have on the financial duties and liabilities of the partnership.
- Capture the essence of limited liability partnerships, recognizing the unique distinctions between limited and general partners.
Verified Answer
Learning Objectives
- Evaluate the impact that the actions of partners have on the financial duties and liabilities of the partnership.
- Capture the essence of limited liability partnerships, recognizing the unique distinctions between limited and general partners.
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