My question involves business law in the state of: Oregon
I work for an LLP with a handful of partners. The company has historically set up a separate LLC (call it "LeaseCo") that purchases all of our IT equipment and other FF&E. Most, but not all of the LLP partners are owners of the separate LeaseCo. The original idea behind this arrrangement was that by using LeaseCo to purchase all assets, then leasing those assets to the main LLP, the LLP could shield those assets from a potential lawsuit, should the LLP face a judgment that blows through its existing insurance coverage.
I'm trying to confirm whether this setup actually does provide any protection for those assets, or if management's belief that this arrangement provides protection is in error.
Thanks very much.