1. 

   Bigmones
   

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   Peter stated that in the LLC that's the first time we have not seen anyone personally liable for the partnership's debts. But I thought the same held true in the LLP. Maybe he misspoke?

   In an LLP-Generally a partner is not personally liable for the partnership's debts/contracts. But is personally liable for any torts that he/she may commit, or any torts that someone under their direct control might commit.

   In a LLC-Partner is not personally liable for the partnership's debts. But would be personally liable for any torts he/she commits. Right?

   Aud-83 BEC- 78 Reg-80
   Far-79
   Ethics-98
   

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   Posted 2 years ago #
2. 

   Dale
   

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   I want to say I recall something in the lecture where he says something along the lines of 'You are always responsible for your own torts.'

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   Posted 2 years ago #
3. 

   WICPAHOPEFUL
   

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   In an LLP, the general partner is responsible for debts and the limited partners are not. The difference between an LLP and an LLC is that an LLP has to have one general partner, where in an LLC, there are no general partners.

   Posted 2 years ago #
4. 

   Bigmones
   

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   I thought that an LP had to have one general partner and one limited. Not a LLP???

   Aud-83 BEC- 78 Reg-80
   Far-79
   Ethics-98
   

   Posted 2 years ago #

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