Asked by
Dylan Smith
on Dec 16, 2024
Verified
An "innocent partner" in a limited liability partnership (LLP) is still liable for the ordinary debts of the partnership.
Innocent Partner
A member of a partnership who is not aware of any wrongful behavior or fraudulent activity committed by their partner(s) within the business operations.
Limited Liability Partnership
A Limited Liability Partnership (LLP) is a partnership in which some or all partners have limited liabilities, blending elements of partnerships and corporations.
Ordinary Debts
Financial obligations or liabilities that arise in the course of normal business operations, excluding special or secured debts.
- Learn the legal principles governing the initiation, liability, and conduct of partnerships.
Verified Answer
EB
Learning Objectives
- Learn the legal principles governing the initiation, liability, and conduct of partnerships.