Inner Checklist to Limited Liability Partnership

Question 1

Nature of Limited Liability Partnership

Answer 1

1. Defined
2. Types: Narrow v. Broad Statutes
3. Formation

Question 2

Limits of the Liability Shield

Answer 2

1. Personal Liability for Own Torts, Negligence, and Malpractice
2. No Vicarious Liability for Torts of Other Partners/Employees
   
   • Exceptions: Partner has direct control of the tortfeasor
   • Partner knew or should have known of the negligence and failed to take action