Assertion: partnership's business | /r/HasProperty | sued
Facets:
Source sentences:
text: Incorporating can help shield personal assets if your business is sued, or if your business partner is sued.
text: The downside of general partnership is that the personal assets of that member are subject to liquidation to meet the partnership's financial obligations if the business is sued.
text: For example, if a business organized as a Limited Partnership is sued and a judgment is issued, the personal assets of the Limited Partners are protected from seizure.
text: If the business goes bankrupt or is sued, the limited partner is only liable up to his investment in the business and the business's assets.
text: This means that if the business is sued, creditors can go after any available personal property and assets to satisfy the debts.
text: This means that when the business is sued, regardless of which of the partners created the liability, both or all partners can lose their home, automobiles, savings and other assets.
text: When the business is sued this entity carries with it the strong asset protection inherent in LP statutes and also has the advantage of providing liability protection for the one holding the position of “general partner” on behalf of the LLLP.