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CH04 - Chapter Four Limited Partnerships Limited...

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Chapter Four Limited Partnerships
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Limited Partnerships Business entity created in accord with state statutes that provides limited liability to some of its members, called limited partners
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Limited Partner and General Partner Defined Limited Partner Limited Partner : A member of a limited partnership who does not participate in managing the business and whose liability is limited to amount invested in the business General Partner General Partner : : Member in a limited partnership who manages and controls the business and has unlimited personal liability
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RULPA RULPA is the Revised Uniform Limited Partnership Act; the model for limited partnership legislation in all states (except Louisiana)
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Advantages of Limited Partnerships Attracting capital Limited liability for limited partners Easy transferability of partnership interest for limited partners Continuity of existence Pass-Through Taxation
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Disadvantages of Limited Partnerships Lack of control for limited partners Unlimited liability for general partner Formalities and expenses of organization
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  • Fall '11
  • StephanieFerill
  • Corporation, Limited partnership, Types of business entity, Certificate of Limited partnership, Limited Partner and General

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