Limited liability partnerships

I happened to come across an advertisement of a book on limited liability partnership.

Limited liability partnership seems to a term i want to borrow for various things.

Some of the horror stories on partnerships include cases in which a partner sucked away everything while other was on leave, as a result forget the profits,even the investment is sunk and there is a liability to clear the credit dues.

Perhaps there should be default rules on partnerships which would ensure limited liability in a partnership.

Besides that there should be effect of limited liability on various other cases which ranges from Telecom bills.I have heard about instances in which telephone bills soared upto Rs 5k on usage of  Internet.A suggestion would be that once it crossed the threshold amount for that bill it should have been debarred or customer should have been informed of the amount billed already.

Risks are fine to the extent that it doesn't eat away your investments itself.But instead if tends to eat away your  investments and also run you into further debt and agony it should be cautioned.