RSM225H1 Lecture Notes - Lecture 1: Limited Liability Partnership, Sole Proprietorship, General Partnership
Document Summary
Defendant (dt) (lecture note: there is one law that is not for quebec) Together for proit/expense & share proit/expense (not have to be equal) Each partner is personally liable for 100% of debts/damages. Create a corporaion, and let the corporaion be the partner, so not personally liable. If one of the partner is being go ater by the creditors, he/she can go ater the other partners" shares. 2) limited liability partnership (llp): accouning & law irms only; negligence: if a partner really messed up due to careless, then any one of the partners can be sued. Includes both general and limited partners (at least one of each) General partners are personally liable for 100% of debts, they don"t have to be corporaion, they run the business. Limited partners cannot paricipate in day-to-day aciviies, can"t get involved in business management, they act like investors, otherwise, they lose the status and become a general partner instead.
