Can we be sued to bankruptcy if we formed a Limited Liability Partnership, but closed it down, with outstanding debts

Answer :

  • http://legalhelp.com.sg/cache/img/201301/no-image.76x72.crop.jpg

    V

    answered on 21/09/2016

    flag as inappropriate

    The partners of a limited liability partnership are generally not liable for the debts of the LLP or the other partners. However, they would be liable for their own debts and liabilities. Hence, if the debts belong to the LLP, then the partners cannot be sued for them.

    Did you find this post useful? Please provide your feedback by clicking on the link above.

Comments