Determining the exact liability of the other ten

Assignment Help Managerial Accounting

Reference no: EM133392205

Question: A local law firm has eleven lawyers. One Lawyer has been sued for several million dollars as the results of a recent case. Because of what appears to be the lawyer's very poor judgment, one of the customers died. Although the lawyer was solely involved with the customer in question, the lawsuit names the entire law firm as a defendant. Originally, six of the lawyers formed the law firm as a general partnership. However, three years ago, the partners converted the business to a limited liability partnership based on the laws of the state in which they operate. Instruction: Read the articles online or any published information that is available on partners and partnership liability, based on the facts presented in this case, please present (in complete sentences instead of listing the key words) your opinion/comments on the possible liability the other ten partners in this law firm may have in connection with the case. In addition, please present, in your opinion, the factors which may be important in determining the exact liability (if any) of the other ten lawyers

Reference no: EM133392205

Questions Cloud

Discusses the balanced scorecard and strategy map : Discusses the balanced scorecard and strategy map. Discuss all of the following: Any experience you have with utilizing the balanced scorecard and strategy map

Prison eras from the united states prison history : Pick one of the 10 prison eras from the United States prison history. Utilizing research describe the major pros and cons of the ERA that you picked.

Explain how depreciation provides a tax reduction benefit : Explain how depreciation provides a tax reduction benefit that increases cash flow.

Develop a spreadsheet model and use it to find the project : Develop a spreadsheet model and use it to find the project's NPV, IRR, and payback - The company however estimated the machine can be sold as scrap

Determining the exact liability of the other ten : the factors which may be important in determining the exact liability (if any) of the other ten lawyers

Would the company incur? how would these costs be considered : Using the NIKE company, what specific types of SG&A costs would the company incur? How would these costs be considered in product costing? Can you please

Organizations obligations with respect to its remittance : Northwest Territories and Nunavut Payroll Tax to help ensure they are aware of this tax and the organization's obligations with respect to its remittance

What is the definition of investigation : What is the definition of an investigation? What are the major goals of a criminal investigation? When should the investigator start taking notes?

Influenced law enforcement activity : How has the court's interpretation of Amendment 4th influenced law enforcement activity ?

User Account

All Pages