CH05 - Chapter Five Limited Liability Partnerships Limited...

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Chapter Five Limited Liability Partnerships
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Limited Liability Partnership Partnership providing protection against liability for wrongful conduct of other partners; formed by compliance with statutes.
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Liability Partial shield states : states in which partners in an LLP retain liability for contractual obligations but have no personal liability for obligations arising in tort Full shield states : states in which partners in an LLP are fully protected from personal liability, whether arising in tort or contract
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Advantages of LLPs The greatest advantage of an LLP is that in all states, partners in an LLP are protected against unlimited personal liability for negligent acts and misconduct of their partners or other representatives of the partnership business.
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LLP Not Exist? If a partner supervised or directed the partner who committed the act of liability at the time the act was committed If the partner was directly involved in the act giving rise to liability
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This note was uploaded on 01/06/2012 for the course PARA 092 taught by Professor Stephanieferill during the Fall '11 term at DeAnza College.

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CH05 - Chapter Five Limited Liability Partnerships Limited...

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