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Cobbetts coy over profit as figures fall

A propos the last comment 1."Partners" in an LLP are not personally liable for the losses (subject to the claw back rules) 2. If partners have had drawings on account of profits that have not been made then (a) the usual practice is to require the partners to repay them; and (b) unless a firm has large reserves of capital and cash, it would have to increase its borrowings, as sure as night follows day.

11-Aug-2009

2:39 pm