To what extent are the personal assets of a general partner, limited partner, or member of an

Question:

To what extent are the personal assets of a general partner, limited partner, or member of an LLC subject to

(a) Contractual liability claims such as trade accounts payable

(b) Malpractice claims against the entity?

Answer the question for partners or members in a general partnership, an LLP, a nonprofessional LLC, and a limited partnership.

Accounts Payable
Accounts payable (AP) are bills to be paid as part of the normal course of business.This is a standard accounting term, one of the most common liabilities, which normally appears in the balance sheet listing of liabilities. Businesses receive...