Posted by Jeff M on April 10, 2002 at 10:14:13:
Bill:
Now I am COMPLETELY lost (not the first time! :)). If the LP owns the property, are you saying that the judgement creditor could take posession of that property since it is an asset of the LP??? If so, then I am at a loss as to what protection the LP gives me.
It was my, apparently mistaken, understanding that the judgement creditor could only get a “charging order” against the LP or the GP.
What am I missing? Thanks.
Jeff M
Bill - Lawsuit against a Limited Partnership - Posted by Jeff M
Posted by Jeff M on April 09, 2002 at 12:49:07:
Bill:
Assume I set up a Limited Partnership with XYZ Corp as a 2% owner and XYZ acts as the General partner.
If the Limited partnership gets sued, do they go after XYZ Corp. or the LP?
Assume that the plaintiff wins the judgement.
Would that judgement be against XYZ Corp, or the LP?
If against XYZ Corp, and I “cut loose” XYZ as the General Partner, would the “lein” or charging order follow with XYZ Corp or the LP?
I just want to make sure I understand all of this. Thanks.
Jeff M
Re: Bill - Lawsuit against a Limited Partnership - Posted by William Bronchick
Posted by William Bronchick on April 09, 2002 at 20:31:41:
The LP would have the judgment against it, and the creditor could take all assets of the LP or the GP. So, in effect, both would be liable.