VIRGINIA PARTNERS, LTD VS DAY
The liability of persons in partnership is guided by the type of partnership they are in. There are basically two types of partnerships; the limited partnership and the limited liability partnership. In limited partnership the partners are personally liable for business excesses, debts and losses and as such are paid by dividing them among themselves. The limited partnership has partners divided further into general and limited partners. General partners are personally liable for all partnership debts. Limited partners on the other hand have limited liability up to the original investment in the business. From the case study Virginia Partners ...