Limited Liability Partnerships and Other Hybrid Business Entities, Issues Paper 4
At the time of this paper's publication, certain types of professionals (namely, accountants, lawyers, and certain health care professionals) were required to work in a setting of "unlimited liability," meaning that the individual professionals could be held liable for debts and other liabilities incurred by the company for which they worked. This paper addresses the issue of that unlimited liability, and suggests that there was a "liability crisis" at the time, and therefore an urgent [...]