Georgia law is not kind to general partnerships. Indeed, general partners can be jointly and severally liable for any partnership obligation, and worse yet, any obligation of an individual partner for actions while acting as a partner. On the other hand, Georgia law offers broad protection to partnerships that have followed the statutory requirements for a limited liability partnership an “LLP”. Few law firms, however, take full advantage of the protections available to them, and many fail to organize their partnerships to best protect the partnership’s and their individual partners’ assets and management. Unfortunately, by the time a problem arises, it may be too late to take corrective action.
By taking a few simple steps in advance, however, law firms in Georgia can maximize the benefits of a limited liability partnership, many of which are often overlooked in drafting limited liability partnership agreements and implementing partnership guidelines. Here are five steps that every law firm should take in order to protect its partnership and more importantly, its partners, in advance of any challenges that may come.
This content has been archived. It is available through our partners, LexisNexis® and Bloomberg Law.
To view this content, please continue to their sites.
Not a Lexis Subscriber?
Subscribe Now
Not a Bloomberg Law Subscriber?
Subscribe Now
LexisNexis® and Bloomberg Law are third party online distributors of the broad collection of current and archived versions of ALM's legal news publications. LexisNexis® and Bloomberg Law customers are able to access and use ALM's content, including content from the National Law Journal, The American Lawyer, Legaltech News, The New York Law Journal, and Corporate Counsel, as well as other sources of legal information.
For questions call 1-877-256-2472 or contact us at [email protected]
