Limited Partnership Question?
I am seeking information on limited partnerships so I can accurately complete my essay. From my understanding, with a limited partnership business entity, there is a general partner that has unlimited liability and the other partner is of course the person with limited liability. However, that's only in regards to the business entity itself getting sued.
So lets say Joe is the general partner and Jack is the limited partner of a business called Tech of Tomorrow. What if Jack, the limited partner, was getting sued due to personal unpaid debts. Could the assets or profits of Tech of Tomorrow be seized to pay Jack's personal debts? Or could this only be the case if Joe was in such a situation?
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