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Unformatted text preview: $40,000 per year. Sabastian can only receive any profits the business may make. 6. 7. Beth signed the contract, thus acting as an agent for the LLC. So she is not personally liable, only for the investment she initially made. 8. Owners of an LLC are not personally liable for debts but partners in a limited partnership have personal liability for partnership debts. It is hard to say in this case which is better. It may come down to tax issues which should be evaluated by an accounting firm. 9. The court found against Russell and Andrews under the ULPA and the RULPA. The general partner can not withdraw money without the signature of another partner. 10. 11. The court found that this was indeed a sale as Ralph and Maureen Hagan owned Stuart Court Apartments and formed an LLP. By transferring the apartments to an LLC, makes it a sale....
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- Spring '09
- Corporation, Business Law Chapter, DEBRA BARONE ANSWERS, Stuart Court Apartments