Assume the post you are responding to was the legal advice given to Liz and Jules and they have come to you seeking a second opinion. Do you agree or disagree with the legal advice they were given? Why or why not? Provide one more additional business form would you advise Liz and Jules to consider and why?
Your post/replies can only be based on the textbook, lectures and slides and other responses. Internet resources and other resources outside the course material are prohibited, as is collaboration. The posts/replies must be original work. Do not quote or cut and paste from any source, including the textbook. Show your own understanding.
As counsel for both Liz and Jules, my recommendation would be to either form a Limited Liability Partnership or a Limited Partnership. Based on the information given to me by Liz regarding Jules’ mismanagement of her previous clients’ finances, I had suggested that a limited partnership might be an option. With this business form, either Liz or Jules could be the general or limited partner. The general partner would assume full responsibility for the management of the firm and its debts. The limited partner would be able to contribute funds and would own an interest in the firm, but is not involved in any managerial responsibilities and is only liable for their personal investment. With that being said, it was worth mentioning that a limited partner can give up limited liability and take part in the firm’s management. I had made this an option with Liz in mind as the limited partner and Jules as the general partner. I know Liz was concerned and thought it would be a good idea to suggest she’d be only liable for her initial investment, in case any further mismanagement from Jules was to occur. The benefit of discarding the limited partner title was also a good idea in case Jules had proved that her previous mismanagement was a one-time incident.
After consulting with my clients regarding the first option, I presented my ideal option in regards to their predicament. A limited liability partnership seems like the best method because it helps partners avoid personal liability for the malpractice of other partners. Partners are still, of course, liable for their own wrongful acts and a partner would still be liable if they supervise the party that commits a wrongful act. One of the many benefits of this business formation is the ability to continue as a pass-through entity. This would mean that Liz and Jules would avoid income tax at the corporate level, avoid double taxation, corporate income is allocated among the owners, and income taxes are only levied at the individual owner’s level. The formation of an LLP is rather simple. Because the firm’s basic structure remains the same, converting from a traditional partnership into an LLP is relatively easy. Additionally, all laws and statutes governing partnerships remain the same.
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