1. The limited liability partnership is a response to concerns about professionals exposure to liability for their partners malpractice. What is the nature of the liability created by the partnership form? How does the creation of an LLP address this liability concern? Is it appropriate that accountants and lawyers, for example, enjoy limited liability? is there a downside for a law or accounting firm to converting to an LLP?
2. What are the circumstances in which a partnership may be found to exist? What steps can be taken to avoid a finding of partnership? How can the consequences of being found a partner be minimized?