Social Studies, 01.12.2020 02:30, 30valgolden

How does the owner's liability to losses differ in a general partnership and a limited partnership?

Answers: 1

Show answers

Answers

A limited partnership is a type of partnership that consists of at least one general partner and at least one limited partner. A limited liability partnership does not have a general partner, since every partner in an LLP is given the ability to take part in the management of the company.

history of Limited Partnerships and LLPs

Limited partnerships were popular during the 1970s and 1980s. Today, many business owners form limited partnerships for films and other projects that will last for a short period of time. Limited liability partnerships are relatively new in comparison to limited partnerships. LLPs became popular in the 1990s, around the same time that limited liability companies became a popular formation choice among business owners.

Structure of Limited Partnerships and LLPs

In a limited partnership, the general partner is responsible for managing the company's day-to-day activities. The limited partner in a limited partnership does not participate in making managerial decisions for the business. In a limited partnership, the limited partner is more like a silent partner that has invested in the company. In a limited liability partnership, all partners of the company are allowed to make management decisions for the company.

In addition, general partners of a limited partnership may be limited liability companies or corporations, whereas LLCs and corporations may not be partners in an LLP.

Liability Protection Differences

If you're operating as a limited partnership, the general partner has unlimited liability for company losses and debts, while a limited partner has limited liability protection against company debts and losses. This means the general partner may lose his home and other personal assets because of losses and obligations that occur as a result of operating the business. Limited partners have personal asset protection against company obligations and debts.

In an LLP, all partners have limited liability protection against company obligations and debts. In addition, partners in an LLP have limited liability protection against malpractice suits that stem from another partner's negligent acts.

Explanation:

answered: Guest

thomas jefferson

explanation:

answered: Guest

The frame of government of pennsylvaniawas a constitution for the province of pennsylvania a proprittarycoony granted to william penne by charles ii of england. the frame of government has lasting historical importance as an important step in the development of american and world democracy.

Other questions on the subject: Social Studies

Social Studies, 23.06.2019 15:00, aweller3898

Which statement about jews is not correct? question 6 options: (a)jews had been disliked and persecuted for many centuries. (b) jews lived and worked in businesses throughout germany. (c) many germans blamed jews for germany’s economic problems. (d) jews began migrating to germany after the end of world war i.

Answers: 2

continue

Social Studies, 23.06.2019 17:00, lberman2005p77lfi

Create two different formats that would be featured with your paragraph on a webpage entitled “environmental heroes: anyone can be one.” information that might be appropriate to incorporate may include (but is not limited to): o what can the average citizen do to your organization’s cause? o why is the organization’s cause important? o how has the organization made a difference? now, think about how you can communicate this information in different formats. maps, organizer charts, graphs, pictures, hand drawn illustrations, audio, and video can be effective. make sure you include the two media. about the friends of the everglades and the first one to get it get ist

Answers: 1

continue

Social Studies, 23.06.2019 18:20, staffordkimberly

What is an oasis? write a paragraph of at least 3 complete sentences describing the characteristics of this landform.

Answers: 2

continue

Social Studies, 24.06.2019 01:00, marbo1

Ms. yates provides her students with choices that are in line with their personal interests. she gives them an opportunity to think creatively and in depth about their projects. which identified area of effective teaching is ms. yates demonstrating?