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Politics : Formerly About Advanced Micro Devices
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To: i-node who wrote (148894)7/29/2002 7:52:37 PM
From: tejek  Read Replies (1) of 1574574
 
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Once again, liability for a gen. partner extends beyond the debt that needs to be serviced

If the partnership has no debt, the general partner has no liability. A general partner's liability is for liabilities of the partnership; if the partnership has no debts, it has no liabilities (since debts and liabilities are the same thing). I would think a first year business student would know this.

The partnership is building a ten story office building. The general contractor finds out that thousands have been embezzled by his accountant and he can't finish the job. Coincidentally, the company holding the construction bond goes belly up. Who is liable for the construction funds spent to date? Who is liable for getting the project completed? Who is liable if the partnership gets sued?

And as an aside question, how many limited partnerships have you worked with where there was no debt?
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