Ontario Barrister and Solicitor Practice Exam

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What is an LLP?

A corporation with limited liability
A partnership offering limited liability protection
A sole proprietorship with no personal liability
A government entity with limited financial responsibility

The correct answer is: A partnership offering limited liability protection

An LLP, or Limited Liability Partnership, is a specific type of business structure that combines the benefits of a partnership with limited liability protection. This means that while all partners are involved in the management and decision-making of the business, all individual partners are not personally responsible for the debts and liabilities of the partnership. This distinguishes it from a corporation (option A), which is a separate legal entity with its own liability protection, and a sole proprietorship (option C), where the owner has unlimited personal liability for business debts. Option D, a government entity, is incorrect as an LLP is not a type of government entity.