2011 April no 2 Which of the following best describes the potential exposure of a member of a limited liability partnership (LLP)? A Members of an LLP are not exposed to any risk of loss. B The LLP itself could fail, costing each member his or her stake in the business. C Each member is personally liable for his or her share of the LLP’s liabilities. D Each member is jointly and severally liable for the liabilities of the LLP. Can i know why C cannot be accepted ?
I think C might be ruled out as it suggests the members' personal assets are at stake (which is no correct).
