Holden was the manager of and a member of Frost LLLP, an investment firm. In that...
Holden was the manager of and a member of Frost LLLP, an investment firm. In that capacity, he embezzled $30,000 from one of the firm's clients, Backus. Backus sued the firm and Holden personally, but the latter claimed he was shielded from liability by the firm. Is Holden correct?
Homework Answers
Yes Holden is correct. Holden as the manager of Frost LLP knows that the investment firms are shielded from liability by the firms. As backus sued him personally and has no proof of evidence, these minor allegations could easily be crossed off by the liability he is depending on. Even if he raises a case, holden can easily escape as he's the manager and could prove his innocence with liability documents created during the firm establishment.
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Holden was the manager of and a member of Frost LLLP, an
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