What is the difference between a general partnership and a limited liability partnership (LLP)?
a.
In an LLP, all partners are limited from personal liability in certain situations.
b.
In a general partnership, all partners are exempt from personal liability.
c.
In an LLP, only one partner is required to be a general partner.
d.
In a general partnership, only one partner has unlimited personal liability for the firm’s actions.

Question

What is the difference between a general partnership and a limited liability partnership (LLP)?
a.
In an LLP, all partners are limited from personal liability in certain situations.
b.
In a general partnership, all partners are exempt from personal liability.
c.
In an LLP, only one partner is required to be a general partner.
d.
In a general partnership, only one partner has unlimited personal liability for the firm’s actions.

anonymous · Answer

I think it is B, but I'm not sure. Process of elimination

anonymous · Answer

A i believe..as in a partnership profit and losses are distributed among the partners in the ratio agreed. whereas the element of limited liability is only present in LLP