LAW 122 Lecture Notes - Lecture 5: Limited Liability Partnership, General Partnership
Document Summary
Large law firms & accounting firms: not all partners are involved in all business aspects individual partners not personally liable for professional negl. of partners: legal. Use a special form of general partnership called (cid:498)limited liability partnership(cid:499) . But,partnershipisresponsibleforallobligations,butonce firm"s assets are exhausted principle - llp legislation (footnote 17) no claim against individual partners. Liability as a partner: after you join or after you leave a firm. You are liable as a partner if you: Hold yourself out to be a partner or. Allow another to hold you out to be a partner (legal principle - s. 15 opa footnote 18) To people who believe you are a partner, unless they have been given notice. Remove name from partnership registration document instructions regarding departure obtain indemnity for subsequent liabilities. Equality amongst partners for financial interests equality amongst partners for management. Any partner may terminate partnership on notice termination on death or insolvency of partner.
