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- W53130768 abstract "The conduct of a business in the form of a partnership is risky business indeed. Yet when a partnership and its creditors need the relief that reorganization under Chapter 11 affords, absolutely nothing is available. Some courts have struggled for solutions, but others refuse. It is the purpose of this Article to present problems that arise in Chapter 1 1 reorganizations, discuss five noteworthy cases, and present statutory solutions developed after four years of analysis and study by an Ad Hoc Committee of the American Bar Association (ABA). The partners in a partnership are not afforded the shelter of limited liability that stockholders in a corporation enjoy. Nevertheless, the partnership has become an increasingly popular choice of business organization. There are limited partnerships with one or more general partners subject to the usual liabilities of partners and one or more limited partners without managerial powers and subject to limited liability. Within the last few years a number of states have enacted legislation authorizing the formation of limited liability partnerships that allow lawyers, accountants, physicians, and other professionals to limit their liability to their individual actions and actions they supervise.1 Every state has enacted legislation authorizing the creation of limited liability companies that protect individual members from the company's contractual and general tort liability as well as its malpractice liability.2 The emergence of the limited liability partnership has raised important issues involving the construction of section 723 of the Bankruptcy Code3 because the general partners in limited" @default.
- W53130768 created "2016-06-24" @default.
- W53130768 creator A5074685748 @default.
- W53130768 date "2016-01-01" @default.
- W53130768 modified "2023-09-27" @default.
- W53130768 title "Partnership Bankruptcy and Reorganization: Proposals for Reform" @default.
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