McGraw Hill Multiple Choice Question 24 of 35 Concepts completed Generally, in an LLP, ________ partners have liability protection for the debts and liabilities of the partnership. O only senior O only junior O all O no Need help? Review these concept resources. Read About the Concept
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Step 1: The question asks about liability protection for partners in a Limited Liability Partnership (LLP). Show more…
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Quisa and Reilly are partners in Sport Bikes, which rents and sells bikes, bike accessories, and related gear. Quisa manages the business. Unless the partnership agreement states otherwise, Quisa is entitled to compensation in proportion to her effort. Bryn, Cornell, and Duke are general partners in Equity Lending, a consumer credit, mortgage, and investment firm. Their agreement states that it is a breach of the agreement for any partner to assign his or her interest to a creditor without the consent of the other partners. Bryn, Cornell, and Duke decide to admit Giselle as a new partner in Equity Lending. Giselle’s liability for partnership debts incurred before her admission is limited to her capital contribution to the firm. QUESTION 21 Colin, Demi, and Erin agree to be partners in Fajita Pizza, splitting the profits equally. Colin contributes 65 percent of the capital. When Fajita Pizza is dissolved, its liabilities are greater than its assets. In the absence of a contrary agreement, the losses are paid by all of the partners in proportion to their capital contributions. QUESTION 22 Nell is considering forms of business organization for Oxford Auto Body LLC. An advantage of a limited liability company is that, depending on the applicable state statute, members can avoid personal liability for their own wrongful acts.
Akash M.
Adi S.
name the liability under which the private assets minus the private liabilities of a partner are liable to pay the liabilities of the firm
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