An LLP is a legal entity SEPARATE from its partners. Its liability for debts is:
AJoint liability of partners up to their capital
BLimited to the LLP's own assets — partners not liable except for own wrongful acts
CUnlimited
DLimited by Articles only
Answer & Solution
Correct answer: B. Limited to the LLP's own assets — partners not liable except for own wrongful acts
1. Section 3 — LLP is a body corporate with perpetual succession; its liabilities are met out of its property.
2. Partners are not personally liable for the LLP's obligations except for their own wrongful acts.
3. Hence (C).
_Source: ICAI BoS CA Inter Paper 2 — Limited Liability Partnership Act 2008_