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20 Cards in this Set
- Front
- Back
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Forming an LP requires..
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Complying with relevant statutes and Preparing a certificate of limited partnership
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In an LP can the name of the business be similar to that of another business?
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Nope
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Can the name of an LP partnership contain any partner's names?
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Yup
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What kind of contributions can be made to fund an LP?
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Cash, Tangible or intangibleproperty, services rendered, promisary note, promise to contribute cash, property or services.
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How are profits and loses distributed in an LP?
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On the basis of the value of the contribution.
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What percentage of the vote is required to bring in a new partner in an LP?
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100%
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Does a partner in an LP have the power to withdraw?
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Yes, but since they are expected to have perpetual duration they have no right.
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How can the General partner be compensated with a salary for their manager duties beyond their interest?
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Only if its in the General agreement
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What is the liability of a general partner in a LP?
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Unlimited
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What is the liability if a Limited Partner in an LP?
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Only the amount invested
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What are the fiduicary duties of a General Partner in an LP?
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Duty of Loyalty- can't compete without permission and personal gains must come second.
Duty of Care-Can't knowingly violate the law |
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What rights do all the partners have in an LP?
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The right to be informed about all affairs and inspect all paperwork
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What are the fiduciary duties of a Limited Partner in and LP?
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If they guarentee something they are liable. They have no duties, but must act in good faith.
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T or F
Obligation of the LLP is the sole obligation of the partnership |
True
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What is the liability in an LLP?
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Your own practice and those you oversee.
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Where do the taxes get reported in an LLP?
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Profits and Loses go on the individual partners tax returns.
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What is the liability of partners in an LLLP?
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Limited liability of all partners
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What kind of partnership does an LP consit of?
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General and limited
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What kind of partnership does an LLPconsit of?
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Limited general
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What kind of partnership does an LLLP consit of?
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General and limited
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