CH03.1 - Chapter Three General Partnerships General...

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Chapter Three General Partnerships
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General Partnerships A voluntary association of two or more persons who agree to carry on business together for profit.
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Unlimited Personal Liability Liability for business debt, which extends beyond what is invested in a business to an individual’s personal assets
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Law Governing Partnerships UPA : Uniform Partnership Act, model for partnership legislation in about one-fourth of the states RUPA : Revised Uniform Partnership Act, model for partnership legislation in about three-fourths of the states
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Partnerships by Categories (2008) Arts, Entertainment and Recreation 2% Health Care and Social Assistance 2% Agricultural, Forestry, Fishing, and Hunting 5% Accommodation and Food Services 4% Retail Trade 5% Construction 6% Financing and Insurance 11% Admin/Support/Waste Management/ Remediation Services 2% Professional, Scientific, and Technical Services 6% Real Estate/Rental/Leasing 46% Other 11%
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Advantages of General Partnerships Ease of formation Flexible management Ease of raising capital Pass-Through Taxation
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This note was uploaded on 01/06/2012 for the course PARA 092 taught by Professor Stephanieferill during the Fall '11 term at DeAnza College.

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CH03.1 - Chapter Three General Partnerships General...

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