Law Questions

what is the model act for a limited partnership?

association of two or more persons to carry on as co-owners a business for profit

1. Joint & Several Liability of General Partners2. Unanimous approval of Admission of New Partners3. Decentralized management4. each partner gets one vote5. equal sharing of profits6. pass through taxation to partners, rather than entity taxation7. dissolution on resignation or death of any general partner8. fewer formalitiesthese are the characteristics of what business organization?

state grants corporation existencecorp. can do only the things the state specifically permitswhat theory is this?

1. traditionally higher2. double taxation3. taxed on dividends and profitsthese are the characteristics of taxation of what type of business organization?

which business organization has fewer formalities and equal sharing of profits?

if a limited partnership is not splitting profits and losses equally, split by ____ ____

in a limited partnership, voice in management is _____ for limited partners

greater flexibility of investors to establish structure, management, and distribution of profits in the agreementwhat theory is this?

profit ____ is required for a partnership

what type of management does a general partnership have?

true or falsea partnership can be accidental

which business organization has mandatory meetings?

in a limited partnership, if a partner makes them go negative do they have to pay the other partners back?

in a limited partnership, limited partner's liability is limited to...

if there is an agreement on how to share losses, but not how to share profits, how are profits shared?

in a limited partnership, if any of the partner's account is negative, who else's is?

capital income can be recalled for how many years if it is needed to pay off preexisting debts?

do general partners pay back the other partners if they make them go negative?

1. file with secretary of state2. written agreementmust do these two things to create a ____ ____