Katie and her siblings created a design company called homeward bound llp. although key business functions are centralized, each sibling is a licensed architect that designs, builds, and installs residential and commercial buildings for his/her own clients. unfortunately, a recent design of katie's that was ultimately created and installed for one of their clients resulted in water damage to the basement of the client's new home. the limited liability partnership:
o protects the partners from any suit by the client.
o guarantees that only those partners who were directly involved in designing and building this home face unlimited liability for claims against the firm.
o will enable the firm to quickly reorganize with only minor financial losses.
o guarantees that none of the company's partners will lose more than the amount they invested in the company.