Quote:
Originally posted by sgtclub
We do so for partnerships and llc's. What's the distinction?
|
For limited partnerships and llcs - general partnerships remain unlimited liability entities.
In LPs, the limitaiton on liability was invented by lawyers who used a corporation as the general partner. The form originally had at least one GP with real unlimited liability.
LLCs represent a policy decision to accept the lawyer's scam as a new hybrid form of organization.
