Which of the following statements about limited liability partnerships is true?

A limited liability partnership (LLP) is indeed a distinct type of business structure that combines aspects of partnerships and corporations. One of the primary characteristics of an LLP is that it possesses its own separate legal personality, meaning it can own assets, enter into contracts, and be liable for its debts independently of its members. This structure protects the personal assets of the partners from business liabilities, which is a significant advantage over traditional partnerships where partners can be personally liable for the business's obligations.

This separate legal personality is crucial because it allows the LLP to operate as an independent entity, much like a corporation, while still benefiting from the flexibility and tax advantages commonly associated with partnerships. Most importantly, this attribute ensures that the partners within the LLP are not personally liable for the debts incurred by the partnership, except to the extent of their contributions.

In contrast, the other statements present inaccurate or misleading information about the nature of limited liability partnerships. There is no requirement for at least one general partner with unlimited liability, as all partners in an LLP typically enjoy limited liability. A written partnership agreement is recommended but not necessarily required to be filed with the Registrar of Companies, and while a written agreement can help clarify the operation of the LLP, it is not mandated for the existence of