Jolene and her siblings created a design company called Regal Residences LLP
Although key business functions are centralized, each sibling is a licensed architect
that designs, builds, and installs residential buildings for hisher own clients.
Unfortunately, a recent design of Jolene's that was ultimately created and installed
for one of their clients resulted in water damage to the basement of the client's new
home. The limited liability partnership
guarantees that none of the company's partners will lose more than the amount
they invested in the company.
guarantees that only those partners who were directly involved in designing and
building this home face unlimited liability for claims against the firm.
protects the partners from any suit by the client.
will enable the firm to quickly reorganize with only minor financial losses.
