CILEX CPQ A8 Business & Employment Law Practice Questions - CILEX CPQ Advanced Stage A8 Business & Employment Law Exam

What is the primary feature regarding the personal financial liability of members of an LLP for the LLP's debts?

Members generally have limited liability and are not personally liable for the LLP's debts beyond their agreed capital contribution Members have joint and several unlimited personal liability for all LLP debts Members are personally liable for up to 50% of total LLP liabilities Designated members have unlimited liability, while ordinary members have zero liability

Correct Answer:

Members generally have limited liability and are not personally liable for the LLP's debts beyond their agreed capital contribution

Access more questions from this quiz

Continue to CILEX CPQ A8 Business & Employment Law Practice Questions - CILEX CPQ Advanced Stage A8 Business & Employment Law Exam for more practice questions and the full quiz experience.

Access More Questions