Question: The options for the drop downs for incorrect answers: b. Contractual Liability: Limited, Unlimited, Cannot be satisfied by partner assets, or Not applicable d.
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The options for the drop downs for incorrect answers:
b. Contractual Liability: Limited, Unlimited, Cannot be satisfied by partner assets, or Not applicable
d. Contractual Liability: Limited in all states, Unlimited in many states but limited in other states, or Unlimited in all states
d. Malpractice Liability: Cannot be satisfied by general partner's assets, In all cases satisfied by general partner's assets, or in certain cases satisfied by general partner's assets
e. Malpractice Liability: Limited, Unlimited, Cannot be satisfied by members assets
Regarding (1) contractual liability claims (i.e. trade accounts payable) and (2) malpractice claims against the entity, select the extent to which personal assets of a general partner, limited partner, or member of an LLC are exposed. a. General Partner in a General Partnership Contractual Liability: Malpractice Liability: b. General Partner in a Limited Partnership Contractual Liability: X Malpractice Liability: c. Limited Partner in a Limited Partnership Contractual Liability: Assets of the limited partner are not subject to creditor claims Malpractice Liability: Assets of the limited partner are not subject to creditor claims d. General Partner in an LLP Contractual Liability: Unlimited in all states Malpractice Liability: In all cases, satisfied by general partner's assets X e. Member of a Nonprofessional LLC Contractual Liability: Malpractice Liability: x
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