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2 Cards in this Set
- Front
- Back
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FORMATION OF LLP
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-MUST FILE ARTICLES WITH SEC OF STATE
-NAME IS REQUIRED TO HAVE LLP IN IT. -MAJORITY OF PARTNERS NEED TO APPROVE TO BECOME LLP -LAWS OF STATE IN WHICH FORMED GOVERN AFFAIRS IN OTHER STATES - |
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LIABILITY PROVISIONS OF LLP
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-EACH PARTNER IS LIMITED PARTNER WITH SOME EXCEPTIONS
-SPECIFIED AMOUNTS OF LIABILITY MALPRACTICE INSURANCE IS REQUIRED -RETAIN FULL UNLIMITED LIABILITY FOR THEIR OWN NEGLIGENCE AND FOR WRONGFUL ACTS OF THOSE IN LLP OR WHOM THEY SUPERVISE. |
