BLW 1002 Lecture Notes - Lecture 19: Final Good, Limited Liability Company, Dietitian

• School: St. John's University
• Department: BLW - BUSINESS LAW
• Course: BLW 1002
• Professor: Sabino

Document Summary

Not great, but not too bad: sell assets and have very little cash with many unpaid bills. Each partner has unlimited liability for debts so each has to take their own money and assets (car, home, etc. ) to pay back the creditors. Pa(cid:396)t(cid:374)e(cid:396)s (cid:373)ade thei(cid:396) (cid:373)o(cid:374)e(cid:455) a(cid:374)d the(cid:455)(cid:859)(cid:396)e happ(cid:455) (cid:449)ith the p(cid:396)ofits. Involuntary dissolution by court decree: mi(cid:374)o(cid:396)it(cid:455) pa(cid:396)t(cid:374)e(cid:396)s feel the(cid:455)(cid:859)(cid:396)e (cid:271)ei(cid:374)g pushed a(cid:396)ou(cid:374)d, must have legitimate evidence of abuse and oppression by majority partners, ex. Majority partners are paying themselves money, making reckless financial decisions, and/or destroying the partnership day by day. Other forms of business lp, llp, llc. These three forms of business all combine certain elements of corporations and partnerships. Can recognize a lp by the people in it: many, many limited partners and only 1 general partner. Limited partners: no personal liability, liability limited to amount of investment (just like a shareholder in a corporation)