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Limitations for limited partners?

Limitations for limited partners?

By Nina Kaufman, Esq.

Here’s a disturbing thought:  imagine that you’re a limited partner in an entity that’s a limited partnership.  By definition, you’re liabilities are supposed to be limited — that’s why you’re a limited partner.  It’s the “general partner” who’s usually left holding the bag when it comes to claims and liabilities of the limited partnership. But it seems that courts may look beyond your title to get into your pockets — if this bankruptcy court case noted by law professor Larry Ribstein is any sign of a trend.  In In re Adelphia Communications Corp., 376 B.R. 87 (Bkrtcy.S.D.N.Y., 2007), the Bankruptcy Court was not swayed by the limited partner’s argument that the plaintiff creditor (who was suing the limited partner for $45 million) actually knew that the limited partner was a limited partner.  Rather, the court took a broader view of the statute to look at the limited partner’s conduct — not just its status. So what does this mean in the real world?  It means that you should get careful advice about your duties, responsibilities, and liabilities before becoming…

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Nina Kaufman

Flying solo doesn’t have to mean going it alone.

I’m Nina Kaufman.

I know first-hand that running a knowledge-based service business has unique challenges. It’s so much easier when you have an advocate in your corner. Over the past 25 years, I’ve worked with thousands of New York business professionals who want a legal advisor to guide and support them as they navigate the business world.

With wide-ranging experience as a business attorney, strategist, and media authority, I bring the added power of a business lens to the legal issues my clients are facing.

And because I’ve been a business owner myself, I’ve lived through the soaring highs and devastating lows – like when my first law firm failed. So I understand what’s involved to serve great clients, detect business risks early and build a true legacy.

I can’t get those 12 years back. That’s why I have made it my mission to ensure that business professionals like you can become wise and discerning leaders, build a solid business, and live your best life.