Can limited partners get sued?

A limited partnership is considered to be a separate legal entity, and as such can sue, be sued, and own property. Profits are reported on the partners’ personal tax returns (pass through taxation) Asset protection; when a limited partner is sued, the assets inside of the LP are protected from seizure.

Can you sue your business partner in civil court?

If the company owns a patent, copyright, or trademark, your business partner cannot begin to personally use this intellectual property without the permission of the company. These are just a few examples of situations where you may be able to bring a legal claim in civil court against someone whom you have partnered with.

Can a business partner be sued for embezzlement?

Theft or embezzlement is not only a civil matter, but is also a criminal matter. Your business partner breached his fiduciary duty. Your partner owes an obligation to you and the company and you can take action if that duty is breached.

Can you sue your business partner for theft?

You can sue your business partner if: Your business partner engaged in fraud or theft. If your partner stole money or property from the company, you can file a claim to try to recover the items or funds. Theft or embezzlement is not only a civil matter, but is also a criminal matter.

Can a business partner Sue for intellectual property?

When any contract is breached, the party who was the victim of the breach can sue for damages. This includes contracts entered into between co-partners in a business venture. Your business partner violates your intellectual property rights.