BUSI 2160U Lecture Notes - Lecture 9: Limited Partnership, Investment
Document Summary
Shareholders not liable for debts of business. They never lose than what they put i(cid:374) limited liability. Ltd, corp are all the same (corporations): just use different terms. Start the company yourself, everything is on you. If you get sued, and your low in income, then most likely you will have to give your assets or file bankruptcy. Whatever you put in partnership might not be liable to cover all debts. Limited partner is silent, not part of day to day operations. One has to limited, and one has to be general. Each partner is responsible for their own decisions made. Side note: *spouses: lawyers and accountants are a good combination. If something has been done unethical, you can make sure that your spouse has ownership of all of your property. So in case someone claims negligence or malpractice, you will not lose anything because all of your property belongs to your spouse (lawyer)
