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Essay / Research Paper Abstract
This 3-page paper discusses the question as to whether or not limited liability partnerships, or LLPs are protection enough against potential litigation in the event a company partner is negligent. Bibliography lists 2 sources.
Page Count:
3 pages (~225 words per page)
File: D0_MTlialaw.rtf
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Unformatted sample text from the term paper:
below professional standards ended up costing shareholders and stockholders vast amounts of money. The problem is, however, the other partners arent guilty, but while the company has been set up
as an LLP, the partners take responsibility. One of those partners, Jim Hammonds, is being blamed along with his partners, despite the fact that the client was one hed never
met and was audited in another state. His concern is that he could be liable -- and suffer loss -- from the suit.
His concern is well-founded. Limited liability partnerships, or LLPs, as theyre termed, arent necessarily protection against lawsuits. Rather, theyre a tax structure, geared to help professional firms (such as
CPAs and law firms) to shift tax liability and to ensure that their personal assets wont be touched if the company should run into financial problems (Von Brachel, 1995). Although
LLPs, when first introduced to the accounting profession about ten years ago, were considered to be highly attractive (because they didnt involve a lot of paperwork when it came to
conversion from general partnerships), LLPs dont provide much in the way of liability protection to its members (Von Brachel, 1995). But the 1995 article by Von Brachel indicated that innocent
partners that are involved with LLPs may be protected from personal liability for negligence and malpractice from other partners (Von Brachel, 1995). The problem is that LLPs are partnerships --
meaning all involved could be liable if named in a lawsuit. Unlike a corporate set-up in which a corporation is an entity separate from its owners, a partnership is simply
a loose agreement between two or more people dealing with ownership of a business. This was brought out in the August 2002
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