Entron liquidating limited partnership

16-Apr-2020 05:50

In all forms of partnerships, each partner must contribute resources such as property, money, skills, or labor to share in the business's profits and losses.

At least one partner takes part in making decisions regarding the business's day-to-day affairs.

The official receiver should seek first to establish whether there is another general partner, or a limited partner who wishes to accept the role of general partner, and arrange for the insolvent to retire from the partnership.

Limited liability prevents that from occurring, and so the most that can be lost is the amount invested, with any personal assets held as off-limits.