Legal Analysis Of Limited Liability In The Law Firm

As a new type of business organization, limited liability partnership developed on the base of general partnership. Limited liability partnership abolishes the joint and several liability of partners in the general partnership to some extent, and it protect the non-culpable partners with shield of limited liability. Other than the interest in the limited liability partnership, the non-culpable partners receive protection from debts directly or indirectly attributed to another partner's or employee or representative's malpractice. Limited liability partnership has to use its assets to respond the debts, in the meanwhile, culpable partner is personally liable for the debts attributed to his behaviour. The article analyzes the theory and practice about the limited liability partnership and the law firm organized under LLP by the point of legal profession.The part of introduction presents the writing objective and thoughts and former research progeny.The text includes four parts:The first part introduces and analyzes the origin and developments of limited liability partnership, which is considered as a new thing to us. This article described the origin and developments of limited liability partnership in Texas and other states in America in detail, which can be basis of the next part. The author deems that there are many factors influencing the development of limited liability partnership, above all, the force of legal profession is the most important factor. However, no individual or organization spoke on behalf of consumers of professional services.The second part refers to the basic legal issues about limited liability partnership. Above all, the article dissertates the legal status and characters of limited liability partnership and the difference between limited liability partnership and other enterprise organizations. Then, the article analyzes in detail the objects applicable,the range of limited liability,the interest balance between partners and creditors, etc, which is regarded as the theoretical basis of the next part.The third part is a policy analysis of limited liability in the law firm. First, the article probes into the advantages and disadvantages of the limited liability in the law...