Law · Limited Liability Partnership
Under the Limited Liability Partnership Act, 2008, what limits the personal liability of partners for contracts entered into by the firm?
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1Liability is shared equally among partners regardless of their roles
- 2Partners have unlimited liability for all purchasing contracts entered by the firm
- 3Partners are liable only for their own contributions to procurement decisions
- 4Partners' liability is limited to their agreed contribution, except in cases of fraud✓
Correct answer
Partners' liability is limited to their agreed contribution, except in cases of fraud
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