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LGLA2311-Chapter 5
Business Organizations for Paralegals
Answer | Question |
---|---|
Limited liability partnership | partnership providing protection against liability for wrongful conduct of other partners; formed by compliance with statutes. |
Partial shield states | states in which partners in an LLP retain liability for contractual obligations but have no personal liability for obligations arising in tort. |
Full shield states | states in which partners in an LLP are fully protected from personal liability, whether arising in tort or contract. |
Bulletproof states | states offering full protection from liability in an LLP, whether arising from tort or from contract (see full shield state). |