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BUS 404 Final Anderson Exam/Questions with A+ Scores Answers
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BUS 404 Final Anderson Exam/Questions with A+ Scores Answers
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BUS 404 Final AndersonExam/Questions with A+ Scores
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limited partnership - -a partnership formed by two or more persons under
the laws of a state and that has one or more general partners and one or
more limited partners.
a limited partnership differs from a general partnership by: - -1) a statute
providing for the formation of limited partnerships must be in effect
2) the limited partnership must substantially comply with the requirements
of that statute
3) the liability of a limited partner for partnership debts or obligations is
limited to the extent of the capital he has contributed or has agreed to
contribute.
formation - -General Partnership - no special procedures
Limited Partnership - requires substantial compliance with the limited
partnership statute, failure to comply may result in not obtaining limited
liability
RULPA - -two or more persons desiring to form an LP shall file in the office of
the secretary of state of the state in which the LP has its principal office a
signed certificate of LP.
RULPA - signed certificate of LP must include: - -1. name of LP
2. address of its office and the name and address of the agent for service of
process
3. the name and the business address of each GP
4. the latest date upon which the LP is to dissolve
5. any other matters the GPs decide to include in the certificate
name of an LP - -* cannot include surname of LP unless it is also surname of
a GP or unless business has been carried on under that name before the
admission of the LP
* RULPA also prohibits a partnership name deceptively similar to that of of
any other corp or LP
* name of LP must contain (unabbreviated) the words "limited partnership"
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