Labrum & Doak, LLP, was a law partnership that began in 1904 in Pennsylvania. John Seehousen, Jonathan

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Labrum & Doak, LLP, was a law partnership that began in 1904 in Pennsylvania. John Seehousen, Jonathan Herbst, and James Hilly were partners of Labrum & Doak. They withdrew from the partnership in 1993, 1995, and 1997. They did not give creditors notice of their withdrawals from the LLP. In 1997, the LLP was dissolved. When the LLP's assets were insufficient to pay creditors' claims, the LLP's creditors argued that Seehousen, Herbst, and Hilly were liable for the malpractice of the firm's partners, which malpractice occurred after the three former partners had left the partnership. Were they found liable?

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...
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Business Law The Ethical Global and E-Commerce Environment

ISBN: 978-0071317658

15th edition

Authors: Jane Mallor, James Barnes, Thomas Bowers, Arlen Langvardt

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