1.5.4 Forms of business - Limited Partnerships Flashcards
1
Q
In some rare cases there are partnerships that have applied for…
A
Limited liability partnerships
2
Q
Limited liability Partnerships
A
This is where some partners provide capital but take no part in the management of the business
Such partner will have limited liability (sleeping partner)
3
Q
Sleeping partner
A
A partner that contributes capital and enjoy a share of the profit but takes no active role in the business
4
Q
In a limited partnership there is always at least one…
A
Always at least one partner with unlimited liability
