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In which sort of partnership does one accomplice has limitless risk and another accomplice have a restricted obligation?
12. In which sort of partnership does one accomplice has limitless risk and another accomplice have a restricted obligation?
- Partnership At will
- Particular Partnership
- General Partnership
- Limited Liability Partnership
Answer: D) Limited Liability Partnership
Explanation:
In a Limited Liability Partnership firm, somewhere around one accomplice has limitless risk—the general partner(s). Different accomplices (restricted accomplices) have restricted risk, which means their own resources normally can't be utilized to fulfil business obligations and liabilities. How much their obligation is restricted to their interest in the LP.