Tort Liability of Partners - Explained
No Personal Liability Protections
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Are Partners personally liable for business torts?
General partners are personally liable for the torts of the partnership. Likewise, the partnership is liable for the acts of its agents, which includes any partners or employees of the business. As such, each partner is potentially personally liable for any tortious conduct by any partner or employee of the business that is done in furtherance of business operations. This is a tremendous risk for the partners and the greatest disadvantage to the general partnership entity. We discuss the concept further in the lawsuits section of Startup Legal Resources.
- Business Entities (Intro)
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- What are the major characteristics of a Sole proprietorship?
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- At-Will Partnerships
- Responsibilities of Partners to the Partnership
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- Funding the Partnership
- How are Partners Compensated
- Splitting Equity in an Industrial Partnership
- What are the main characteristics of a Limited liability partnership?
- What are the main characteristics of a Limited liability company?
- Forming an LLC
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- Why You Need an LLC Agreement
- LLC Compensation of Members
- LLC Taxation
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- What are the requirements to be an S Corporation?
- Non-Profit Organization
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- A Detailed Explanation of the Sole Proprietorship
- Taxation of Sole Proprietorship
- A Detailed Explanation of the General Partnership
- 50/50 Partnerships: Never a Good Idea
- Publicly-Traded Partnerships
- A Detailed Explanation of the Limited Liability Company
- A Detailed Explanation of the Corporation
- Keepwell Agreement (Letter of Comfort)
- Personal Service Corporation Definition
- A Detailed Explanation of the Non-Profit Entity
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