The Perils and Pitfalls of Practicing Law in a Texas Limited Liability Partnership

Date

2010

Journal Title

Journal ISSN

Volume Title

Publisher

Texas Tech Law Review

Abstract

Statutory provisions applicable to general partnerships (or those applicable to limited partnerships in the case of a limited partnership that has registered as an LLP) continue to apply to a partnership after it registers as an LLP-it is the same entity as it was prior to registration. Reviews how the LLP provisions of the Texas Business Organizations Code (TBOC) merely modify the rule regarding liability of partners and specify the requirements for obtaining and maintaining LLP status.

Description

Keywords

Full liability limitations, Exceptions to tort-type liability protection, Expiration of protection and other timing issues, Insurance or financial responsibility, Buy-outs, Contributions, Indemnification obligations in the partnership agreement, Comparative cost of LLP versus professional liability company or professional corporation

Citation

Elizabeth S. Miller, The Perils and Pitfalls of Practicing Law in a Texas Limited Liability Partnership, 43 Tex. Tech L. Rev. 563 (2010-2011)