Which one of the following statements is true regarding a partner's personal liability for partnership debts? In a limited partnership, all partners have limited liability for partnership debts In a general partnership, all partners are liable for entity debts. In a limited liability partnership, a partner might be subject to liability for other partners' malpractice. LLC members can never be liable for entity debts.
Which one of the following statements is true regarding a partner's personal liability for partnership debts? In a limited partnership, all partners have limited liability for partnership debts In a general partnership, all partners are liable for entity debts. In a limited liability partnership, a partner might be subject to liability for other partners' malpractice. LLC members can never be liable for entity debts.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Which one of the following statements is true regarding a partner's personal liability for partnership debts?
In a limited partnership, all partners have limited liability for partnership debts
In a general partnership, all partners are liable for entity debts.
In a limited liability partnership, a partner might be subject to liability for other partners' malpractice.
LLC members can never be liable for entity debts.
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