Accounting for IGCSE & O level - Preparation Of Financial Statements (Section 4 - No. 19)
Which of the following is a characteristic of a limited liability partnership (LLP)?
Partners are liable for the debts of the partnership.
Partners have limited liability for the debts of the partnership.
The partnership is not a separate legal entity.
The partnership cannot enter into contracts.
Explanation
In an LLP, partners have limited liability, protecting their personal assets from the debts of the partnership.
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