Question

Which of the following forms of organization is most likely to protect the personal assets of any partner, or shareholder who has not been involved on an engagement resulting in litigation?

1) Professional corporation
2) Limited liability partnership
3) Partnership
4) Subchapter M Incorporation

Answer 1

A limited liability partnership is the most likely form of organization to protect the personal assets of any partner or shareholder who has not been involved in an engagement resulting in litigation.

Step-by-step explanation:

The most likely form of organization to protect the personal assets of any partner or shareholder who has not been involved in an engagement resulting in litigation is a limited liability partnership. In a limited liability partnership, the partners' liability is limited to their investment in the company, meaning that their personal assets are protected if the company fails. This is different from a general partnership where the partners are jointly and severally liable for the debts and obligations of the partnership.