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Politics : Formerly About Advanced Micro Devices -- Ignore unavailable to you. Want to Upgrade?

To: Joe NYC who wrote (148479)	7/17/2002 4:43:48 PM
From: tejek	Respond to of 1578652

That's not my understanding. Yes, GP is responsible for all day to day management, but if there is a liability, beyond the loss of all of the money invested, first of all, the partnerships benefit from limited liability, just like corporations, but if for some reason this doesn't hold, all the partners would be responsible, based on their % participation. Joe, I can't say that's how all partnerships work but that's the way most partnership agreements are written. The money partners have limited liability. ted