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Are assets of a partner of a limited liability partnership reachable in bankruptcy of that partner?
Wiki User
∙ 15y ago
The partner's assets are normally not accessable if the Partnership goes BK....that the limited part of the liability in the name. However, if the partner goes BK (as you stated) the partnership isn't directly involved...but the partners interest in the partnership is an asset in his BK that may be used to pay creditors. (The LLP can end up with a partner it doesn't know).
Wiki User
∙ 15y ago
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Is this true or false The 3 types of partnerships are general partnership unlimited partnership and unlimited liability partnership?
The ones I'm aware of (In the US) are General Partnership, Limited Partnership (LP), Limited Liability Partnership (LLP), and Limited Liability Limited Partnership (LLLP)
What does LLP after a company name stand for?
Limited Liability Partnership
How many limited liability partnerships compare with general partnerships?
The main difference between limited liability partnership and general partnerships is limited liability. Partners of an general partnerships are liable for all debts accumulated. Partners of an limited liability partnership are enjoying limited personal liability protection. However many people may prefer to incorporate Limited Liability Company instead of an limited liability partnership.
How many types of partnership possible?
4 types -general partnership -limited partnership -master limited partnership -limited liability partnership
Features of limited partnership?
limited partnership has two partners with different liability;general partners and limited partners.
What is LLP stand for?
Limited Liability Partnership
What type of business has the most liability partnership sole proprietorship corporation or limited liability partnership?
The liability of various forms of business are as follows: Partnership: The liability of the partners is joint, several and unlimited. Sole proprietorship: The liability is of the proprietor is unlimited. LLP: The liability is limited by MOA and AOA.
What does PLLC stand for after an attorneys name?
PLLC is a combination of two business forms. The partnership and the LLC. PLLC stands for partnership limited liability corporation.
What suitable designation can be used by partner according to the partnership act 1932?
The Partnership Act of 1932 allows for a Limited Liability Partnership. In a Limited Liability Partnership, one partner is not responsible for another partner's negligence and misconduct. Depending on the state, and the partnership, there are varying degrees of limited partnership.
What is L.P. at the end of a business name?
Limited Partnership. Sometimes called Limited Liability Partnership, or LLP.
What are the characteristics of a partnership?
If the partnership is a general partnership, all partners assume unlimited liability. However, if the partnership is a limited partnership, one or more of the partners assumes unlimited liability
What Unlike a limited partnership a general partnership has?
Unlimited liability for all partners.
