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In an LLP, each partner is not responsible or liable for another partner's misconduct or negligence, distinguishing it from a traditional partnership under the UK Partnership Act 1890, where each partner has joint (but not several) liability. This is an example of:
In an LLP, each partner is not responsible or liable for another partner's misconduct or negligence, distinguishing it from a traditional partnership under the UK Partnership Act 1890, where each partner has joint (but not several) liability. This is an example of:
- Corporate liability in an LLP
- Limited liability in an LLP (correct)
- Shared liability in an LLP
- Unlimited liability in an LLP
The limited liability in an LLP may extend only to the negligence or misconduct of the other partners, and the partners may be personally liable for:
The limited liability in an LLP may extend only to the negligence or misconduct of the other partners, and the partners may be personally liable for:
- Shareholder disputes
- Employee salaries
- Tax liabilities
- Other liabilities of the firm or partners (correct)
In a traditional partnership under the UK Partnership Act 1890, each partner has joint (but not several) liability. This means that partners are:
In a traditional partnership under the UK Partnership Act 1890, each partner has joint (but not several) liability. This means that partners are:
- Collectively liable for all partnership debts (correct)
- Liable only for their own actions
- Not liable for any partnership debts
- Individually liable for all partnership debts
In an LLP, the partners have the power to manage the business directly. This differs from corporate shareholders who:
In an LLP, the partners have the power to manage the business directly. This differs from corporate shareholders who:
An LLP can exhibit aspects of both partnerships and corporations, primarily due to:
An LLP can exhibit aspects of both partnerships and corporations, primarily due to:
In an LLP, what distinguishes it from a traditional partnership under the UK Partnership Act 1890 in terms of partner liability?
In an LLP, what distinguishes it from a traditional partnership under the UK Partnership Act 1890 in terms of partner liability?
What is the primary characteristic that allows an LLP to exhibit aspects of both partnerships and corporations?
What is the primary characteristic that allows an LLP to exhibit aspects of both partnerships and corporations?
What power do partners in an LLP have in contrast to corporate shareholders?
What power do partners in an LLP have in contrast to corporate shareholders?
What is the extent of limited liability in an LLP and to what does it typically apply?
What is the extent of limited liability in an LLP and to what does it typically apply?
How does the liability of partners in an LLP differ from that of corporate shareholders?
How does the liability of partners in an LLP differ from that of corporate shareholders?
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