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Which is true for a limited liability partnership (LLP) ?

All partners have personal liability.

All partners are required to be general partners.

All partners are free from liability.

All partners are limited from personal liability in certain situations.

All partners are limited from personal liability in certain situations.

The correct answer is D) All partners are limited from personal liability in certain situations.

What is true for a limited liability partnership is "All partners are limited from personal liability in certain situations."

Limited Liability Partnership (LLP) is the type of partnership in that the parties have limited responsibility. This means that every person in the partnership is not responsible for misconducts of the other partners. The Limited Liability Partnership was created in the United States in the 1980s, after the collapse of real state and energy prices in Texas