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  3. Hi,
    I am a bit confused about liability. The lecture says that in both limited partnerships and limited liability partnerships someone needs to have unlimited liability. My textbooks say (if I’m understanding them correctly!) that there needs to be at least one general partner in a limited partnership who has unlimited liability, but all partners in a limited liability partnership have limited liability. Which is right?

    Thanks,
    Kirsty

  8. Very nice lecture Mike, thank you so much for this and thank you open tuition for this wonderful website.
    With ref: to case Salomon. Was there no alternative for the creditors to have their 拢15K back, I mean I’m fine with the concept of separate legal personality Mr Salomon saved back his money, however from a creditor’s perspective it might appear unfair to lend / provide money in return for a loan note / debenture but then have nothing in return? (specially we are referring to “secured” debenture in this case). Thank you for advising.

    • The company DID get something in return. The 拢15,000 secured debenture was issued by the company as part of the purchase consideration when the company bought out the sole-tradership of Mr Salomon

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