Q: I am a limited liability partner in an LLC. The general partner and both limited liability partners secured a loan for
purchasing a building Under section 8204 would a limited liability partner be responsible for the debts if the partnership sells a property that is underwater. Additionally, could the general partner be liability for malfeasnce, misfeasance or non-feasance for failure to provide any detailed information to the limited partners in violation of the partnership agreement--- failing to pay taxes without notifying the partners; taking out loans from another of his business without any details to the partners? Finally can the General Partner force the sale without limited partner signature when they secured the loans.
A:
I assume it's not a minimal loan, so it's time to invest by getting a consultation with an attorney who handles partnership issues.
If you are in the Philadelphia area I can give you the name of some.
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