Comparing LLCs, LLPs, and General Partnerships: Liability of Limited Partnerships, Quizzes of Business and Labour Law

Download Comparing LLCs, LLPs, and General Partnerships: Liability of Limited Partnerships and more Quizzes Business and Labour Law in PDF only on Docsity! TERM 1 What is a limited partnership? DEFINITION 1 formed by 2 or more persons in compliance with applicable state law and having one or more members as general partners and one or more as limited partners. TERM 2 General partners vs limited partners DEFINITION 2 General:controlpersonal liabilityLimited partnerslimited activitesliability limited to capital contribution TERM 3 Limited liability corp DEFINITION 3 must be formed in compliace w/ state lawsall members have limited laibility and can manage the businesstaxes as a partnership (individually ,unless choose otherwise TERM 4 LLC vs LLP DEFINITION 4 LLP cannot have coproations as ownersLLP must have at least one managing partner, who bears liability for partnership's action TERM 5 Articles of organization DEFINITION 5 Name of LLCPurpose for which LLC formedStreet and mailing address initial registered office and name of inital resident agetn at addressIf manamged by managers --> statemen that business is to be managed by or under authority of managersmax duration of LLC, if other than perpetual TERM 6 Limited liability partnerships DEFINITION 6 Common for professional services firms-typically personally liable for your own malpractice/wrongful act but limited liability for other partners' malpractice- partner liable for wrongful acts for employees and agents over whom have direct control and supervision TERM 7 Limited liability limited partnerships DEFINITION 7 Limited partnership where general partner also has limited liability to extent of LLP TERM 8 Factors affecting choice of business DEFINITION 8 ease of formationtaxationexternal liabilitymanagement and controltransferability of interestcontinuity TERM 9 Liability only for investment in entity and own wrongful act DEFINITION 9 Limited partner in LIP and LLLPLLC memberCorporate Shareholder TERM 10 Liability for investment, own wrongful act, and wrongful acts of those supervised DEFINITION 10 partner in LLPgeneral partner in LLLP