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Virginia Partners, Ltd. (Virginia Partners), a limited partnership organized under the laws of Florida, conducted business in Kentucky but failed

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Virginia Partners, Ltd. (Virginia Partners), a limited partnership organized under the laws of Florida, conducted business in Kentucky but failed to register as a foreign limited partnership, as required by Kentucky law. Robert Day was tortiously injured in Garrard County, Kentucky, by a negligent act of Virginia Partners. At the time of the accident, Day was a bystander observing acid being injected into an abandoned oil well by Virginia Partners. The injury occurred when a polyvinyl chloride (PVC) valve failed, causing a hose to rupture from its fitting and spray nitric acid on Day, severely injuring him. Day sued Virginia Partners and its limited partners to recover damages. Are the limited partners liable? Virginia Partners, Ltd. v. Day, 738 S. W. 2d 837, 1987 Ky. App. Lexis 564 (Court of Appeals of Kentucky)

Partnership
A legal form of business operation between two or more individuals who share management and profits. A Written agreement between two or more individuals who join as partners to form and carry on a for-profit business. Among other things, it states...

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No the limited partners are not individually liable to Day A limited partnership is a domestic li…View the full answer


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Business Law Legal Environment Online Commerce Business Ethics and International Issues

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Question Posted: August 12, 2015 02:06:12
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