The Vicissitudes Of Partnership Assumption In Bankruptcy

Law360, New York (October 12, 2017, 4:04 PM EDT) -- General and limited partnership and limited liability company agreements are very popular in the business world with good reason. Such joint ventures allow for great flexibility in allocating profits and losses among the partners, avoiding the double-level taxation that is the norm with C corporations and affording certain participants, e.g., limited partners, with limited liability. Thus, a partnership form of organization often is used for real estate and infrastructure joint ventures, where investment capital can be matched with development and operational expertise and the risks and...
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