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Lithuanian to English translations [PRO]
Law/Patents - Law (general) | | Lithuanian term or phrase: atsakyti savo turtu | | Pagal savo prievoles UAB atsako tik savo turtu. |
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| Local time: 16:54
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| | be liable to the extent of its assets | Explanation:
While the LLP has a separate legal entity, liable to the full extent of its assets, the liability of the partners would be limited to their agreed contribution in the LLP.
Article (23) of Federal Law No (8) of 1984 concerning commercial companies defined the General Partnership as being a company
formed by two or more partners who are jointly liable to the extent of all their assets for the company liabilities. |
| Selected response from:
Ugne Vitkute
Lithuania
Local time: 16:54
| Grading comment Ačiū.
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