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Paraphrasing - Essay Example

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Many students have the opinion that a deep investigation can bring up definitive answer of every question related to the subjects of law and accounting. Nevertheless, the magnitude of liability faced by the rest of the six doctors in this case suggests that answer of the…
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Download file to see previous pages What was the level of difficulty of the performed surgery? Was the doctor not able to execute the surgery without causing the accident? Or, may be, was the risk involved in the surgery so high that death was inevitable under all circumstances?
Almost 1750 US partners of Andersen are worried that many people who were not involved in the company’s proceedings for the Enron Corp. were also held liable through the spoiled audit. Many of them are seeking legal advice to know the extent to which their limited-liability partnership makes them protected from the liabilities.
The limited-liability partnership has not been tested for the sort of challenges that Andersen is now encountering since this corporate structure is relatively new. However, this testing may just be carried out as the workers, shareholders and creditors of Enron are making effort to retrieve their lost hundreds of thousands of dollars from somebody.
It is expected that the partnership and bankruptcy lawyers will closely follow the matter because there is very subjective knowledge of the extent of protection they Andersen partners can get from the LLP structure. The law professor from the George Mason University, Larry Ribstein said that the strength of LLP’s protection has been tested for litigation and the number of cases of LLP regarding liability is very low.
The LLP was created almost ten years ago in an attempt to provide the protect the members of partnerships against the firms’ tendency to wipe them out because of their claims. The LLP structure makes the partners’ share in the company fair for the creditors. Theoretically, no partner can lose his/her share in the company.
A professor from the University of California Los Angeles law school, Lynn LoPucki said that the conventional practice disallows the removal of corporate veil to follow individual partners unless special circumstances. However, there is a lot of subjectivity ...Download file to see next pagesRead More
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