Kohinoor wrote:boalt2l wrote:One thing not brought up on TLS is the disadvantages of being a partner. As partner you have to sign onto all the firms liabilities. Most of the large law firms are leveraged to the hills on huge lines of credit, which if they default on, you will be personally liable to pay for.
That... doesn't sound right.
(b) A person admitted as a partner into an existing partnership is not personally liable for any partnership obligation incurred before the person's admission as a partner.
(c) An obligation of a partnership incurred while the partnership is a limited liability partnership, whether arising in contract, tort, or otherwise, is solely the obligation of the partnership. A partner is not personally liable, directly or indirectly, by way of contribution or otherwise, for such a partnership obligation solely by reason of being or so acting as a partner.
Isn't the whole point to incorporating a business to avoid being personally liable for a company? Obviously with exceptions.