BUSA 364 Study Guide - Limited Liability Partnership, Legal Personality, Airline Alliance
Document Summary
Because they involve the notion of personal liability for any wrong doing and torts. Even if you did not inflict something, because the event occurred in your property, you are liable. You give it to a customer and they get sick. In law, the concept of person could be any form of entity (a union, Exercising a trade/occupation/profession: ex: plumber/retail owner/ accountant. Prostitution is an occupation since it is legal and it must be in a private setting. Putting assets in common: could be material, money, intellectual property (once you put it into the business, the business owns it, it will no longer be yours). Limited liability partnership llp: the partners have an unlimited liability for their malpractice, but are not liable for the malpractice of the others. You have the notion that you have unlimited liability for your own faults, but you are not liable for the malpractice of your colleagues.
