Simon Weinberg and his brother were the only partners in Times Square Stationers LLP. The…

Simon Weinberg and his brother were the only partners in Times Square Stationers LLP. The partners signed a 20-year lease with Tisch Leasing. After 12 years, Simon retired from the business and was replaced as a partner by his son, Seth. A year later, the business defaulted on its lease with Tisch Leasing. What is Seth’s liability on the lease with Tisch? Would your answer change if the business were an ordinary partnership, not an LLP?

 

 

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