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Politics : Formerly About Advanced Micro Devices
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To: i-node who wrote (148890)7/29/2002 7:12:57 PM
From: tejek  Read Replies (1) of 1574854
 
I NEVER audited Real Estate Limited partnerships; just set them up and did the tax work. Nothing unusual about that, either.

And there is nothing unusual about the fact that setting them up is not the same as operating within their parameters which was my experience.

The term "liability", so far as limited partnerships are concerned, does not mean "servicing debt". A "liability" is, simply, an amount owed by the partnership. A partner may or may not be "liable" for partnership liablities, depending on the type of parter and the type of debt. "Liability Exposure" is what you were thinking about [apparently] and has to do with the potential for a partner to have to pay debts of the partnership. That's about it.

Now you're into semantics. Once again, liability for a gen. partner extends beyond the debt that needs to be serviced. So that you understand this statement, see my comment above re operating within the parameters of a partnership.
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