Which of the following statements is true as it relates to limited liability partnerships?
A. Only senior partners are liable for the partnerships debts.
B. Partners have no liability in a limited liability partnership arrangement.
C. Partners are personally liable for the acts of those under their supervision.
D. All partners must be AICPA members.
Answer:C
Which of the following statements is true as it relates to limited liability partnerships?
A. Only senior partners are liable for the partnerships debts. B. Partners have no liability in a limited liability partnership arrangement. C. Partners are personally liable for the acts of those under their supervision. D. All partners must be AICPA members.