By Richard Epling (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 rewards allocated among the players. However, the inherently personal nature of many partnership ventures becomes a burden and a fertile ground for litigation when one of the general partners or LLC members files for bankruptcy relief....