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Ashorn Ashorn
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6 years ago
A Limited Liability Partnership (LLP) protects a partner from some personal liability. Even though a partner in an LLP is not liable for debts, liabilities, or obligations arising from the negligent acts or omissions of other partners or employees, a partner is subject to all of the following EXCEPT
a. remaining liable for his own negligent acts or omissions.
b. remaining liable for the negligent acts or omissions for those who are under the partner’s direct supervision and control.
c. standing to lose the full extent of his net worth.
d. standing to lose the value of his partnership share.
e. being an agent of the firm and his other partners for the purpose of the business of the partnership.
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The Law and Business Administration in Canada

The Law and Business Administration in Canada


Edition: 14th
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AlexStanfordAlexStanford
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