BUS 207 Lecture Notes - Lecture 10: General Partnership, C Corporation, Fiduciary
Document Summary
Limited liability entities: limited liability partnerships, limited partnerships, limited liability. They limit their liability, they don"t protect you indefinitely. You are never protected against your own torts and any investment you have put forth. Your personal assets are protected, ex: if your partner commits a tort, you can"t lose your home. Llps and lps should not be confused, are extremely different from each other. Limited to professionals (groups of people like lawyers, architects, accountants; have received an advance education, had to pass an exam, regulated by a state body), there is a list by state law with the specific profession. If your partner commits a tort, you are not personally liable. Supervising partner is liable for acts of subordinate. If your assistant commits a tort, any person above them/their boss is liable. In a general partnership, any partner would be responsible for the tort, not just the supervisors. At least one general partner and one limited partner.
