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August 02, 1994|From Times Staff and Wire Reports

Accounting Firms Limit Liability: Ernst & Young, Coopers & Lybrand and Price Waterhouse reorganized their partnerships to give individual partners more protection against lawsuits, the accounting firms said. The other three Big Six accounting firms--Arthur Andersen, KPMG Peat Marwick and Deloitte & Touche--said they will probably follow suit within a month or so. Under a form of organization called a limited liability partnership, or LLP, only partners who are directly involved in wrongdoing would have to tap their personal assets to pay judgments. All of the firm's assets would also be vulnerable, but partners not involved in the case would have their personal assets shielded.

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