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Partnerships Association of two or more persons to carry on as co-owners…
Partnerships
Association of two or more persons to carry on as co-owners a business for profit
Formation
The process guideline:
Name of each partner
How profits divided
Name of partnership
Division of management responsibilities
Duration of partnership
Contributions from each partner
Duties
Loyalty
Obedience
Care
Rights
Share in Management
Share in Profits
Compensation
Partnership Property
Inspect Books
Accounting
Partnership Termination
Begins when partnership dissolves and when dissolved it's winded-up
Winded-up
Activity of completing unfinished partnership business
Partnership Dissolution
Results from:
Partner actions
Operation of law
Court action
Limited Partnership
Agreement between at least one general partner and at least one limited partner
Limited partner’s liability limited to amount he/she invests in business
Limited Partner
surname is not part of partnership name
does not participate in control of business
has complied in good faith
Dissolution
Expiration of term
Unanimous written consent
Completion of objective
Withdrawal of general partner
Court action
Limited Liability Company (LLC)
Each member has limited liability