Indemnification in an LLP
I have an LLP for the state of Washington and it is for a film that I am making. I have a very rich potential client who is thinking of investing. As far as the indemnification part of the LLP, it says that me, The Initial Managing Partner is held harmless for any liability, loss etc… He is worried that in the case of a law suit, that someone could sue him individually, is that possible with an LLP, and if not then who exactly is liable for something that goes wrong? Appreciate the answer. This is exactly what is says about indemnification: Indemnification � The Initial Managing Partners and its representatives or agents and the Initial Managing Partners’ legal counsel shall be held harmless and be indemnified by the Partnership for any liability, loss (including amounts paid in settlement), damages or expenses (including reasonable attorney�s fees) suffered by virtue of any acts or omissions or alleged acts or omissions arising out of such person’s activities either on behalf of the Partnership or in furtherance of the interests of the Partnership and in a manner believed in good faith by such person to be within the scope of the authority conferred by this Agreement or law.