How Limited is Limited Liability?

Question

The specifics of an LLP depend on where it is set up. In general, though, as a partner, your personal assets are safe from lawsuits. According to the NY Biennial Statement Online, the liability is limited in the sense that you can lose assets in the partnership but not that outside of it (your personal assets). A lawsuit would first go after the partnership, but a specific partner could be held responsible if they did something wrong on their own.

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Lisamartin 2 weeks 2022-06-16T12:49:35+00:00 0 Answers 0 views 0

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