Читать книгу Taxation Essentials of LLCs and Partnerships - Larry Tunnell - Страница 7

There are several types of partnerships, each with different levels of liability protection for their partners. The first, and most basic, type of partnership is the general partnership. In a general partnership, all partners participate in management of the partnership, and all partners have the legal authority to enter into binding legal relationships on behalf of the partnership. Therefore, for example, if a law firm were organized as a general partnership, each of its partners would have the authority to enter into attorney- client relationships on behalf of the firm. Each of the firm's clients, even if they deal with only one attorney, is represented by the partnership, rather than by an individual attorney. The downside to this arrangement is that claims against the firm, even if due to the actions of only one partner, can be enforced against any and all partners of that firm, to the extent that the partnership's assets are insufficient to satisfy the claim.