Under the Limited Liability Partnership Act, 2008, which of the following correctly states the liability of a partner of an LLP?

Section 23 of the Limited Liability Partnership Act, 2008 declares that an LLP is a body corporate formed and incorporated under the Act and is a legal entity separate from its partners, with perpetual succession. Section 27 provides that a partner shall not be personally liable, directly or indirectly, for an obligation of the LLP solely by reason of being a partner; liability is generally limited to the agreed contribution. Unlimited joint and several liability is the hallmark of a firm governed by the Indian Partnership Act, 1932, not of an LLP. A partner acting in the course of the LLP's business may bind the LLP itself, but personal liability beyond the agreed contribution is not the rule. The separate legal entity of the LLP is therefore the foundation of the correct answer.