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Unformatted text preview: Class Notes 2/29/12 LLP : Limited Liability Partnership Eliminates or minimizes personal liability. A particular partner is only going to be personally liable for their own negligence or of their direct reports. Individual Taxation, Same requirements as an LLC. Formation and Dissolution is the same for as the partnership. LP : Limited Partnership In an LP, there is one general partner and one or more limited partners. The General Partner manages the partnership, limited partners have no management duties, they are financial partners, and they provide the capital. The General Partner is always personally liable. Limited partners are protected. When one of the limited partners participates in a management duty, they destroy their liability protection and become one of the general partners. Chapter 19 Corporations Corporation: Business entity that is a legal entity in its own rights and it incurs liability like a person. Shareholders: Owners of the corporation. There is no personal liability for shareholders. They only own a share of the corp. they dont own any interest on any property of the corporations. Board of Directors: Elected by the shareholders, they manage the corporation. They manage on a very high level. They do not have to be employees of the corporations, they can be hired from very high level....
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- Winter '12