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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
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: Unlimited Malpractice Liability: Unlimited b. General Partner in a Limited Partnership C. Contractual Liability: Limited Malpractice Liability: Not applicable Limited Partner in a Limited Partnership Contractual Liability: Unlimited Malpractice Liability: Unlimited d. General Partner in an LLP Contractual Liability: Unlimited in many states, limited in other states Malpractice Liability: In certain cases, satisfied by general partner's assets Member of a Nonprofessional LLC Contractual Liability: Limited Malpractice Liability: Cannot be satisfied by member assets
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