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Baker Botts L.L.P. v. ASARCO LLC, 576 U.S. 121 (2015), was a United States Supreme Court case in which the Court held that Section 330(a)(1) of the Bankruptcy Code does not permit bankruptcy courts to award attorney's fees for work performed while defending fee applications.
LLP (Limited liability partnership): partnerships are governed on a state-by-state basis in Australia. In Queensland, a limited liability partnership is composed of at least one general partner and one limited partner. It is thus similar to what is called a limited partnership in many countries.
ASARCO Inc. v. Idaho Tax Commission, 458 U.S. 307 (1982), was a United States Supreme Court case in which the Court held that, in a state's calculation of income tax for a corporation from another state, the state cannot include income from the intangible assets of subsidiary corporations that have on connection with the state.
General partners make the call on how the daily operations run. In a corporation, the company is owned by its shareholders. They don’t get involved in the business’s decision-making, though.
This is a list of Supreme Court of the United States cases in the area of bankruptcy.. This list is a list solely of United States Supreme Court decisions about applying law related to bankruptcy.
This legislation draws on both the US and UK models of LLP, and like the latter establishes the Limited liability partnership (LLP) as a body corporate. However, for tax purposes it is treated like a general partnership, so that the partners rather than the partnership are subject to tax (tax transparency).
The manner of the election varies in accordance with state law. For example, in Delaware LLLP elections take the form of a limited partnership electing to be a limited liability partnership (this is the format used in Delaware, while in Florida, Hawaii and Kentucky the election is made in the certificate of a limited partnership).
The general partners (GPs) are, in all major respects, in the same legal position as partners in a conventional firm: they have management control, share the right to use partnership property, share the profits of the firm in predefined proportions, and have joint and several liability for the debts of the partnership.