Corplawnotes - Business Law Notes Review chart pg 791-792...

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Business Law 4/13/11 Notes Review chart pg. 791-792 - Partnership agreement – contract/paperwork that defines rights/obligations/duties in partnership relationship: it would include: names of partners, name of partnership, location of business, purpose, duration, management, control, disassociation/dissolve – how you would treat situation if person decides to leave, how to keep track of records, what bank to use, how to share profits and losses, contributions, - Default codes unless otherwise stated is that you share the profits and losses equally Limited Liability Partnership (LLP) – characteristic of professional groups: accountants, law firms, physicians, (Texas was first to introduce them), separate taxable entity, no personal liability for owners it is limited, - Very difficult to set up, the length of how long they last depends on partnership agreement, management is sometimes agreement – it depends on partnership agreement, the number of partners does not matter, but the more partners you have the more precise your agreement has to be, - FLLP- members of one family have limited liability, you can transfer property amongst members in FLLP and not have to pay taxes Limited Partnership (LP) – has general partners – manage, control the partnership and they have unlimited liability, limited partners – are limited to the investment that they put in – limited partners are not allowed to manage the partnership - They have pass through taxation - General partners will have unlimited liability – you can have an enumerable amount of them, same thing with limited partners but limited partners have limited liability o Limited partners will vote on significant issues
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- They are difficult to form because you have to file with secretary of
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Corplawnotes - Business Law Notes Review chart pg 791-792...

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