Mailing List lml@lancaironline.net Message #7732
From: Harry League <harryleague@home.com>
Subject: Re: liability/partnerships
Date: Sun, 26 Nov 2000 13:09:41 -0600
To: <lancair.list@olsusa.com>
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This is all fine and good but what about your income stream either from the
partnership or your profession?   How is that protected?   Furthermore, what is
the legitimate business of the partnership and have you considered the
implications that it may be denied in court as a sham?

"John Wright, D.O." wrote:

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> You are the builder from the FAA's point of view, but your family
> partnership is the owner. You could be sued like a manufacturer could be
> sued like Cessna for example, but if all of your assets are contained in
> your family partnership(s) in the event of a judgement against you the
> prevailing party can only obtain your percentage of the family partnerships
> that you own.

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