If you operate a business from your home, it's important that you obtain adequate insurance coverage for your business equipment and transactions, just as if you had a separate office. Even a small home enterprise needs full protection against the risks of doing business.
Are owners of a partnership personally liable for business debts?
Legally, a partnership is inseparable from its owners. As a result, each partner (with the exception of the limited partners in a limited partnership) is personally liable for the entire amount of any business-related obligations. This means that if you form a partnership, creditors can come after your personal assets (such as your house or car) to make sure any partnership debts get paid.
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The Law Offices of Peter C. Bronstein is conveniently located near the 405 freeway, just off the Santa Monica Blvd. exit. We proudly serve clients throughout Los Angeles, Orange, Riverside, San Bernardino, San Diego and Ventura Counties, including Los Angeles, Beverly Hills, Brentwood, Burbank, Culver City, Encino, Glendale, Hollywood, Long Beach, Pasadena, Santa Monica, Sherman Oaks, Silicon Valley, Studio City, West Hollywood, West Los Angeles and Woodland Hills.
