Under Section 30 of the Limited Liability Partnership Act, 2008, which of the following correctly describes the liability of partners in case of fraud?

Explanation:  One of the most important exceptions to the principle of limited liability in an LLP is contained in  Section 30 of the LLP Act, 2008 . While partners of an LLP generally enjoy limited liability (i.e., their personal assets are protected and liability is limited to their agreed contribution),  this protection is lifted in cases of fraud . If it is found that the business of the LLP was carried on with intent to defraud creditors or for any fraudulent purpose, the partners who knowingly participated in such conduct become  personally liable without any limit  for all or any of the debts or obligations of the LLP.