Which of the following is a feature of a Limited Liability Partnership (LLP)?

A Limited Liability Partnership (LLP) uniquely combines elements of partnerships and corporations, providing significant advantages to its members. One of the defining features of an LLP is that partners have limited liability, which means their personal assets are generally protected from the debts and obligations of the business. This limited liability is typically correlated to each partner's capital contribution, meaning that partners are only liable for the debts of the LLP up to the amount they have invested or committed to the business. This structure encourages investment and participation in the business while safeguarding individual partners' personal finances from the company’s creditors.

In contrast, the idea that all partners are solely responsible for debts does not apply to LLPs, as one of the key benefits is the limitation of liability for each partner. The notion that no partners can manage the business is incorrect, as an LLP allows for flexible management structures where designated partners can actively manage the business operations. Lastly, the statement that partners have unlimited liability contradicts the fundamental principle of limited liability that characterizes LLPs. This incorrect conception of liability does not align with the protections offered to partners within this structure.