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club_cafe: Re: How to Create a Liability Account
I hope your partnership agreement allows for this as most do not. The risk is that any aingle member can be held accountable for the full debt should the partnership fail to meet its obligations.
 
Ira Smilovitz
 
In a message dated 03/24/08 4:45:26 P.M. Eastern Daylight Time, moriaritydean@bivio.com writes:
Thank you for your reply.  I agree with your good judgment,
but if you read my original post again you will note that
the loan in question is FROM, and not TO, our member.  This
is a historical issue, and in the future we would not plan
to borrow from our members either.




Create a Home Theater Like the Pros. Watch the video on AOL Home.
Yes, we are organized as an LLC with no individual member
liability.

IraS1@aol.com wrote:
> I hope your partnership agreement allows for this as most do not. The risk
> is that any aingle member can be held accountable for the full debt should the
> partnership fail to meet its obligations.
>  
> Ira Smilovitz
>  
>
> In a message dated 03/24/08 4:45:26 P.M. Eastern Daylight Time,
> moriaritydean@bivio.com writes:
> Thank
> you for your reply.  I agree with your good judgment,
> but if you read
> my original post again you will note that
> the loan in question is FROM, and
> not TO, our member.  This
> is a historical issue, and in the future we
> would not plan
> to borrow from our members
> either.
>
>
>
> Create a Home Theater Like the Pros. Watch the video on AOL Home.