Bertrand Barnes was one of three partners of NMB Associates, LLP, a limited liability partnership in the

Question:

Bertrand Barnes was one of three partners of NMB Associates, LLP, a limited liability in the consulting and investment banking industries. When Barnes retired from the LLP, he sought to be released from liability on the $5,438,000 of outstanding bank loans the LLP had incurred during his tenure at NMB. Neither the partners nor the LLP nor the banks agreed to release Barnes from liability on the loans. What is the extent of Barnes's liability on the bank loans? Would his liability be different if NMB were a and not an LLP?

Partnership
A legal form of business operation between two or more individuals who share management and profits. A Written agreement between two or more individuals who join as partners to form and carry on a for-profit business. Among other things, it states...